Back to Main Morning Report: Corn Reaches 4 Month Lows

• Published: 2010-02-08 16:51:18

  Markets generally trended lower on Friday, as a stronger US$ and equities markets applied pressure to agricultural markets. Some repositioning can be seen ahead of this week’s USDA supply and demand reports.
  
  Soybeans had a choppy day of trading, closing slightly lower at 914USc/bu. There is little new news for soybeans - both South American forecasts remain strong, adding to the already strong global supply, and there has been no increase in demand, particularly from China. It seems a waiting game now, as assessment of just how big the South American crop is, shapes up.
  
  Canola futures fell on Friday. Winnipeg March contracts lost $1.90 to close at CA$380/t. The Statistics Canada stocks report was seen as neutral by the market, however weakness in soyoil weighed on canola.
  
  Corn had no intrinsic strength against weaker outside markets. CBOT March corn futures ended down 2.5c to close at 352USc/bu, breaking another four month low. Corn and soybeans generally trend lower during February, and this year seems no exception.
  
  Wheat lost recent gains on Friday, with CBOT March wheat falling 2.5c to 473USc/bu. The technical bounce seen on Thursday was lost, and the market seemed reluctant to make any moves ahead of this week’s USDA reports.
  

  Tags: Coarse Grain ,  Oilseeds ,  Grain , 

  

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