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Good Trading Session for Agricultural Commodities

January 24, 2013 at 23:33 by Vladimir Vyun

Agricultural commodities gained today. Corn advanced as usage in making of biofuel and as animal feed increased. The Energy Department reported that ethanol production rose 1 percent last week. At the same time, inventories declined 1.4 percent. Rising production and falling stockpiles mean that more corn will be used in making of ethanol.

Soybeans and wheat also rallied, erasing previous losses. Earlier, soybeans fell as favorable weather in Argentina and Brazil boosted projected harvest. Wheat dropped as US exports of the commodity were below expectations, disappointing traders.

March futures for delivery of corn advanced $0.015 (0.21 percent) to $7.2575 per bushel as of 23:27 GMT on CBoT today. Contract for soybeans climbed $0.0475 (0.33 percent) to $14.40 per bushel. Wheat for delivery in March went up $0.025 (0.33 percent) to $7.71 per bushel.

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

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