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Weekly Review - Grain Futures for April 4th - April 8th |
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By Pratik Patel
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April 13, 2011
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Corn futures have nearly doubled since the summer of 2010 on strong demand from foreign buyers, livestock farmers, and ethanol producers. On Monday morning, Corn continued its rally from the prior week when it hit their limit bid two days in a row.
Corn hit a new contract high on Thursday of 7.7325 a bushel, causing many long position holders to book profits ahead of the USDA supply/demand report. Friday morning, the USDA kept their forecast for corn supplies at 675 million bushels, a 15 year low. The USDA left their estimate for Soybean supplies unchanged to 140 million tons. Wheat forecast from the USDA was trimmed by .5% to 839 million bushels. With no big surprise in Soybean and Wheat futures, both markets were mixed throughout the week and closed the week on the higher side of their range.
Corn futures once again settled the week at multi year highs at 7.68. Last time traders saw prices this high was during the summer of 2008.
To learn more from Pratik and the guys at The Futures Room, visit their site at TheFuturesRoom.com |
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