Commodity Blog

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Corn, Soybeans & Wheat Go Up

April 6, 2010 at 22:56 by Vladimir Vyun

Corn futures gained for a second day on the prospect for a slower price decline as the crop planting by the U.S. farmers has started. Some funds may start buying back short positions as traders hold selling, waiting for the Midwest farmers to begin planting. May futures for corn delivery rose $0.0075 (0.2 percent) to $3.465 per bushel on the Chicago Board of Trade.

Soybeans advanced on the outlook for the global economic recovery to spur the demand for the oilseed, used in the production of food and animal feed. The improving situation on the U.S. job market, as well the expanding economies in such countries as India and China, signals about the end of the global economic recession. May futures for soybean delivery added $0.085 (0.9 percent) to $9.445 per bushel on CBoT.

Wheat prices jumped to the highest level in almost five weeks after some hedge funds and speculators unwound bets on a price decline. Speculative short positions more than doubled in the first quarter of this year. Analysts say that market is nearly record short and any bullish news may shoot the market higher. July futures for wheat delivery climbed $0.10 (2.1 percent) to $4.7725 per bushel on CBoT.

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