Markets Higher after Bernanke Speech
Aug 26, 2011
Kansas City wheat futures opened lower this morning after Federal Reserve Chairman Ben Bernanke's highly anticipated remarks were not necessarily supportive to commodity markets, according to traders.
Outside markets, including equities and crude oil, traded lower initially today, traders added.
By midday, there was a turnaround and grain markets were trading higher. There are some concerns about the U.S. corn crop with reports coming out of the Pro Farmer Midwest Crop Tour, traders said.
Final numbers from the Pro Farmer Tour will be released after the close of grain markets today. Chicago corn futures also found strength from a sale of 365,760 metric tonnes of corn to an unknown buyer.
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