Tuesday, May 13, 2008

Surging Soybeans

Better, drier weather across the Midwest has changed sentiment in the grains markets today. Corn prices have fallen with the greater prospects of more corn being planted, and soybean prices have exploded much higher with the greater likelihood that land will be planted in corn instead of soybeans. Prices have increased more than 40 cents from the bottom that printed at the open of the session.
While corn was down for the day, it also lead a late-session rally that erased most of its losses for the day.