And a retraction of my earlier:
Ag Futures: Markets Showing No Fear of the Cold
So much for all my blathering about a possible freeze.I'm still sorry I missed World Cotton Day though.
I guess.
From AgWeb:
Cold Weather, No Fear...
From Successful Farming:
Tuesday’s Corn, Soybean Markets Strengthen
Investors weigh impacts of expected snowstorm.
On Tuesday, the CME Group’s farm markets close strong, with wheat up double-digits.
At the close, the Dec. corn futures finished 8 3/4¢ higher at $3.95. March corn futures finished 7 1/2¢ higher at $4.06 3/4.
Nov. soybean futures closed 5 1/4¢ higher at $9.20 1/2. Jan. soybean futures settled 5 3/4¢ higher at $9.35 1/4.
Dec. wheat futures ended 11¢ higher at $5.00.
December soymeal futures closed $4.80 per short ton higher at $306.90. December soy oil futures settled 0.24 cents lower at 29.82¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.09 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 103 points lower.
Jack Scoville, PRICE Futures Group, says that the higher markets are anticipating some bullish news, late this week.
“It is mostly weather-related, I think. Not much to do with demand or anything. We are going to see a part of the crop pretty beat up late this week from the freeze; the USDA progress reports showed the damage could be pretty important. I think that is almost all of the rally here today. Lots of short covering going on, not seeing much new buying. I am taking some partial profits on longs today, if I got profits. Some do, some don’t,” Scoville says....MORE
