Chicago Close: Small Bounce for Corn Futures

Beleaguered corn futures managed small gains on Tuesday as U.S. farmer selling slowed.

Corn futures were pounded lower much of last week amid falling crude oil prices and associated weakness in ethanol. However, reports today suggested that while ethanol margins remain poor and American production is declining, a slowdown in producer selling was enough to rally the market, at least in a small way. May corn gained 3 ¾ cents to $3.47 ¼ and December added a penny to $3.65 ¼.

Wheat futures ended mixed today, with profit taking after recent gains helping to weigh on the benchmark Chicago contract. Improving condition ratings for winter wheat crops in Kansas and Oklahoma added to the pressure. May Chicago wheat fell 1 cent to $5.61 ½, May Kansas City managed a 1 ¼-cent gain to $4.90 ¾ and May Minneapolis was up 4 ¾ cents to $5.35.

Soybean futures were modestly higher on the day, with the May contract up 2 ¾ cents to $8.86 ¾ and new-crop November 2 ½ cents higher at $8.75.

Live cattle and lean hog futures were sharply higher again today.

Source: DePutter Publishing Ltd.

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