Here is a quote from one of my favorite news sources for morning grains reports:Choppy action could be the order of the day in most markets, while traders await news from the Federal Reserve on interest rates.
It may seem surprising that the price of grains would hang on news related to interest rates and the Federal Reserve, but such is the case. And the writer of the above was right, since trading in the grains is quite choppy this morning. Trading at the open was solid, but has become unreliable since. Corn is somewhat higher following firm prices overnight, but soybean and wheat prices are soft and volume is weak.
With crude oil prices falling rapidly over the past few days, there is also a very strong possibility that the biofuel grain prices -- those for corn and soybeans -- may also be adversely affected. Falling crude oil prices may be bearish for these grains as well.
With crude oil prices falling rapidly over the past few days, there is also a very strong possibility that the biofuel grain prices -- those for corn and soybeans -- may also be adversely affected. Falling crude oil prices may be bearish for these grains as well.
