By Ian Berry and Ryan Davis
Of DOW JONES NEWSWIRES
CHICAGO (Dow Jones)--Chicago Board of Trade corn futures ended slightly lower
in volatile trade Wednesday, with the market unable to sustain a rally due to
continued pressure from crude oil and fund liquidation.
September corn ended down 2 cents to $5.71 1/2 per bushel, December corn
closed down 1 3/4 cents to $5.90 1/2, and March settled down 1 1/2 cents to
$6.09 3/4.
Prices were down almost 30 cents - the exchange-imposed daily trading limit -
early in the day, and were higher by almost 15 cents in afternoon trading.
"I just think it's unbelievable how volatile these markets are," said Sid
Love, analyst with Kropf and Love consulting. "I don't know how anybody is
making money."
Analysts said crude oil had a lot to do with corn's movement. Corn's rally
coincided with a bounce that sent crude oil prices briefly higher, and corn
fell after crude broke again.
There was no change in bearish weather forecasts to support the rally,
traders said.
"I think the market ran out of sellers," a trader said. He added that light
volume likely "exaggerated" the extent of the rally.
Traders said a sustained rally was unlikely until some fresh fundamental news
entered the market. Wednesday's brief rally could prove to be "a pretty
pathetic dead-cat bounce," a floor analyst said.
But he added that there are still potential concerns for the crop due to its
late planting. Analysts say an early frost, or even a normal first frost in
some areas, could cause significant damage.
"The crop's not in the bin yet, and it won't be for a long time," he said.
Many traders and analysts also say the market is oversold and is due for a
rally.
Corn has fallen this week amid widespread commodity liquidation, which comes
on top of weeks of nearly perfect crop-growing weather. With weather forecasts
showing no excessive heat and dryness on the way, "it looks like we're going to
scoot through the wide window of pollination unscathed," an analyst said.
There has at times appeared to be panic-selling, traders and analysts said.
December prices have fallen from a close of $7.77 on July 3.
"There's a lot of emotions, a lot of 'get me out orders,'" said Jerry Gidel,
analyst with North America Risk Management Services.
CBOT oats were lower Thursday. September oats were down 2 cents to $3.85 per
bushel, December oats were down 2 cents to $4.03 and March oats were down 2
cents to $4.22. A trader said fund-selling pressured the market early in the
day, and activity was light late.
Ethanol futures were slightly higher. September ethanol was down $0.006 to
$2.260 per gallon and December ethanol was down $0.016 to $2.260.
Регион | Закуп. | Изм. | Прод. | Изм. |
---|---|---|---|---|
ЦФО |
29800.00 | + 650 | 30000.00 | + 840 |
ПФО |
28940.00 | + 990 | 29000.00 | + 950 |
СКФО |
29450.00 | + 750 | 30000.00 | + 1050 |
ЮФО |
29250.00 | + 1100 | 29700.00 | + 750 |
СФО |
29300.00 | + 900 | 29500.00 | + 1200 |
Регион | Закуп. | Изм. | Прод. | Изм. |
---|---|---|---|---|
ЦФО |
72000.00 | + 1000 | 73300.00 | + 50 |
ЮФО |
69800.00 | + 0 | 74000.00 | + 0 |
ПФО |
71500.00 | + 500 | 73100.00 | + 100 |
СФО |
72500.00 | + 500 | 74900.00 | - 100 |
Обсуждение