Inclement weather is impacting the price of grains on Thursday, Bloomberg reports.
"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.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.