MOO Climbs As Temperatures Set To Soar; Syngenta, Potash Jump 4%
Corn and soybean prices jumped the most in some two weeks, sending agriculture ETFs closer to recent highs.
The Market Vectors Agribusiness ETF (MOO) gained 2.7%, or $1.38, to $52.29 a share. That’s about 5% from its May high-water mark. From mid-February through last week, shares of MOO had lost roughly 10%.
Long corn should work as a play on perception and possibly on acually declining yields.
Corn is down 5 1/2 cents at $6.7475 Wheat is down 10 at $6.9525.
Bloomberg Analyst Survey: "Wheat Rallying 20% as Parched Fields Wilt From China to Kansas"
Chicago wheat is trading at $7.62, down 11 3/4 cents.June 16
Be careful on this one, see stories below the jump.
GRAINS-U.S. corn, wheat slide deeper on crop weather (DBA; MOO; WEAT)
Corn is down 8 cents at $6.58, wheat's down 8 1/4 at $7.31.Here's today's Bloomberg's opener:
Corn Rises Most in a Week as Hot Weather May Hurt U.S. Crop; Soybeans Gain