Corn and soybean prices are strongly up overnight, whereas wheat has continued its sell-off that has occurred over the past few days. This soybean 30-minute chart tells the story of continued bullish strength in grains, or at least the biofuel ones, corn and soybeans. Soybeans and corn have hit new all-time high prices overnight.
On the other hand, this 30-minute chart for wheat also shows the continued selling of wheat futures over the past few days.
New Grain/Biofuel ETN
A new ETN that capitalizes on the world's grains that are being used as biofuels is the Elements Biofuels ETN. It includes only the agricultural commodities related to biofuels. Of course, much of the price strength in grains and other agricultural commodities is due to their being used as a form of fuel. The Elements Biofuels ETN (ticker: FUE) is currently composed of futures contracts for various agricultural commodities; this current composition is about 45% soybeans/soybean oil, 24.51% sugar, and 21.13% corn. Other biofuel grains make up the balance.
