Crop traders seemed optimistic Thursday night. Little pertinent news
emerged overnight. The financial markets were largely unchanged, while
crude oil built on Thursday’s advance. Thus, general optimism about the
outlook, particularly on the demand side, seemed to boost the grain and
soy complexes. Nearby corn futures seem set to test technical resistance
associate with their 40-day moving averages in the near future. March
corn rose 1.75 cents to $3.87/bushel early Friday morning, while July
added 1.75 to $4.0225.
Crude and vegetable oil news apparently boosted the sow complex. Asian palm oil prices continued rising overnight in response to yesterday’s Indonesian announcement of increased subsidies for biodiesel producers. Given the concurrent crude oil strength, the bullish reaction in soyoil futures was hardly surprising. Beans tagged along despite huge South American production prospects, while meal edged upward. March soybean futures gained 3.75 cents to $9.85/bushel Thursday night and March soyoil rallied 0.28 cents to 31.99 cents/pound, while March meal inched $1.0 higher to $332.4/ton.
Read more at Click here / www.trade4x.net
Crude and vegetable oil news apparently boosted the sow complex. Asian palm oil prices continued rising overnight in response to yesterday’s Indonesian announcement of increased subsidies for biodiesel producers. Given the concurrent crude oil strength, the bullish reaction in soyoil futures was hardly surprising. Beans tagged along despite huge South American production prospects, while meal edged upward. March soybean futures gained 3.75 cents to $9.85/bushel Thursday night and March soyoil rallied 0.28 cents to 31.99 cents/pound, while March meal inched $1.0 higher to $332.4/ton.
Read more at Click here / www.trade4x.net
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