Grain Futures Post Weekly Gains as Fund Selling Pauses After Corn Hits New Lows
Updated
Updated · Agweb Powered by Farm Journal · Jun 19
Grain Futures Post Weekly Gains as Fund Selling Pauses After Corn Hits New Lows
3 articles · Updated · Agweb Powered by Farm Journal · Jun 19
Summary
July corn rose 4 3/4 cents, July soybeans gained 9 1/4 cents and July soft red winter wheat jumped 21 1/4 cents as grain markets finished the week slightly higher.
That rebound followed a pause in fund selling after corn hit new contract lows early in the week, while soybean and wheat futures held April support levels and bounced.
Jerry Gulke said corn prices had fallen below his cost of production in Illinois, prompting him to lift hedges last week on corn, soybeans and wheat as downside risk looked limited.
He said funds have already liquidated corn longs, remain short wheat and have trimmed soybean-complex longs, leaving markets near an equilibrium where fresh buying could return quickly.
Potential catalysts include Chinese grain purchases and July Corn Belt heat, while U.S. wheat crop problems and hot, dry weather in Europe are also supporting wheat.