Mar 15, 2012
Grain futures are higher across the board with soybeans and wheat leading the way. May soybeans are up 15c and Nov. beans are 13c higher. May Chicago wheat is up 16c while September is up 12c. Corn futures are the weakest this morning, but still 9c higher in May, and 6c higher in December futures.
Wheat is the biggest surprise this morning. There was a large move at 9:35am that spiked wheat futures up nearly 25c and it broke through previous resistance. Fund traders are looking for value in the grains and wheat seems to be a reasonable value at this level.
Corn Futures are 6 to 9c higher. Corn planting is almost complete in the south and getting started in the midwest. Early weather conditions have been mostly favorable up to this point.
News reports suggest that U.S. and British petroleum reserves will be released in the near future, driving down crude oil this morning and perhaps keeping a lid on the price of corn.
Live cattle are .10-.50 higher and feeder cattle are steady.
Call me with questions or comments (877) 431-9805.
Justin R. Lewis, MBA
Follow me on Twitter: @jlewis58
There is a significant risk of loss when trading futures & options contracts. Investors should carefully consider whether trading futures is appropriate based on their own financial situation.