Futures Market News
Grains' performances tilted by weather
Dec 15, 2011 02:51 PM
Inclement weather is impacting the price of grains on Thursday, Bloomberg reports.
Wheat futures advanced amid concerns for a run of drought-like weather in Ukraine slowing production while dry weather also is set to impact the price of soybeans and corn.
"The effects of the dryness on winter wheat emergence have been large with crop prospects materially diminished in the Ukraine," analyst Nick Higgins with Rabobank International in London told Bloomberg. "It's too early to be calling a drought in South America. It has been dry and the near-term forecasts do not look promising."
At 2:15 p.m. on Thursday, corn futures were down 0.3 percent, a 1.75 cent slip to $5.79 per bushel. Wheat futures dropped 0.26 percent, a 1.5 cent slip to $5.7925 per bushel. Soybean futures were up 1.01 percent, an 11.25 cent climb to $11.2125 per bushel.
Reuters reports wheat and corn were heavily traded on Asian markets alongside additional commodities amid deepening concerns for damages caused by the sovereign debt crisis' talons entrenched in euro zone nations' banks and public finance systems.
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