December Corn, wheat and November soybeans are all down this morning in early trading after surging yesterday. Soybeans burst through $17 a bushel yesterday and changed its momentum from bearish to bullish on the daily chart.
Momentum for corn remains bearish despite the recent surge in prices. However, bearish momentum is weakening. Here are a few more hot commodities links to start your day.
China Economy’s Harsh Winter to Hurt Cotton, Commodities – Cotton consumption in China, the world’s largest user, may shrink 11 percent this year as a deteriorating economy hurts demand and causes a buildup…Read More
Iron Ore Price to Rebound as China Seeks Cheaper Imports – A plunge in iron ore prices and shipping costs means it’s cheaper for Chinese steel mills to buy the material from Brazil more than 8,000 nautical miles away than to buy the lower-grade ore being dug in their own backyard…Read more
Early trading prices (per bushel unless otherwise stated)
|Sept 2012||Soybean Oil (Metric Ton)||$55.3100||-0.2600|
|Sept 2012||Soybean Meal (Metric Ton)||$540.4000||-3.2000|
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The Author of this post has a bear credit spread in Corn. Neither the author of this article or any family members own any futures contracts or options on futures in any of the other commodities mentioned in this article. For a complete disclosure of the policy on ownership of stocks/commodities written about or recommended, please see about page.