A drop in the dollar brought out the bulls in the grain markets on Tuesday.
“The bulls turned in a dominating performance in the grain and soy complex today,” said Brian Grete of Pro Farmer, with corn futures rising 15 cents for most contracts to finish at $3.936 for May corn.
So did soybeans, soaring more than a quarter to $9.93 for May futures. Wheat, too, overcame supply worries to rise more than 20 cents to $5.176 for May contracts.
Listen to Grete's full comments on the livestock and grain markets here:
The movements attracted traders and funds, which were “active buyers” on Tuesday, Grete said. “Chart-based buying was also price-supportive as futures pushed beyond resistance levels, buy stops were triggered and gains were sharply extended across the grain and soy complex.”