Futures Market News
U.S. two top commodities continue strong performances
Dec 29, 2010 02:12 PM
Prices for soybean futures slipped as a result of demand sliding while corn prices remained stagnant, Bloomberg reports.
Soybeans had rallied to their highest value in more than two years, increasing as much as 12 percent this month through Tuesday as corn climbed 15 percent during the same period. Government data indicates corn and soybeans are the U.S.' one-two punch, with the former valued at $28.6 billion in 2009 and the latter valued at $31.8 billion in 2009.
"Everybody is expecting to see some of these demand numbers shrink, but we haven’t seen it yet," Dax Wedemeyer, a broker at U.S. Commodities Inc. in West Des Moines, Iowa, told Bloomberg. "We've had quite a run in all these markets."
Rain in Argentina, a leading exporter, is expected to refresh crops and rescue them from hot and dry weather.
On Tuesday, the price for soybeans notched $13.9675 per bushel, the highest price since August 2008.
"Rains next week may be too late for corn," Roy Huckabay, an executive vice president for the Linn Group in Chicago, told Bloomberg. "Today's selling is all about profit-taking ahead of the year-end."
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Free eBook — Gold Exposed: Spot Gold versus Gold Futures
Are you interested in trading gold futures but unsure of how to start?
Register for our FREE guide, and learn the ins and outs of the gold markets that will help answer many of your trading questions.
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.