Friday, January 27, 2012

Corn, Ag, Looking for Direction

A variety of factors have generated uncertainty for corn and other agriculture futures, as corn was the only pit ending the Friday session higher.

Continual macro-economic concerns over the European debt crisis, as well as the extent of the corn production, and other crop shrinkage in South America related to weather, has made traders tentative.

Another factor in the mix is the hint of an export ban in Russia, which would offer up more support.

Expectations are grains still have some room to move upwards before leveling off or falling.

Friday corn closed 7 1/4 cent a bushel higher on the nearby contract, ended the trading day at $6.41 3/4.

Nearby contract for soybeans dropping trading 3 3/4 cents and 6 1/4 cents lower, to $12.19 and $6.47 1/4.

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