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Corn Falls on High Prices, Soybeans May Follow; Crude Gains

November 6, 2010 at 1:04 by Vladimir Vyun

Corn fell today as demand slows after prices rallied. Soybeans may follow this trend. Spot price for corn fell to $6.3875 per bushel after it jumped yesterday to the highest level since August 2008. December futures for corn delivery dropped $0.0225 (0.4 percent) to $5.8775 per bushel on CBoT. The average spot price for soybeans advanced today to $13.28 per bushel, the highest level since September 2008. January futures for soybean delivery went up $0.0925 (0.7 percent) to $12.84 per bushel.

Crude oil climbed today to the highest level in two years after nonfarm payroll in the US increased more than expected. US nonfarm payrolls rose by 151,000 in October, compared to the expected value of 63,000. Improving employment signals about improving economy, and growing economy means more demand for fuel. December for oil delivery rose $0.36 (0.4 percent) to $86.85 per barrel on NYMEX.

If you have any questions and comments on the commodities today, use the form below to reply.

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