The futures contracts corn in Chicago surged to a seven-month high on Friday as concerns over production in South America spurred demand for supply from U.S, said traders.
Soybean futures tumbled from the seven-month high they hit on Thursday, succumbing to a round of profit taking.
A Soy closed well above overnight lows after government reports showed export demand remained strong.
“We’re seeing a lot of money movement in the markets,” said Greg Grow, director of agribusiness at Archer Financial Services in Chicago. “It’s a really volatile and hectic subject. We arrived this morning and we have some export business.”
On the Chicago Stock Exchange, soybeans for March closed down 11.50 cents at $14.1425 a bushel.
Corn for March was up 5.25 cents at $6.1625 a bushel.
Reduced harvest prospects in Brazil and Argentina due to drought could increase Chinese demand for the US, traders say.
THE wheat soft winter red for March retreated 11.25 cents from dollar, at $7.80 a bushel after hitting a three-week high on Thursday.
Source From: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
