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Grains Demonstrate Bullish Bias

October 6, 2014 at 12:15 by Vladimir Vyun

Futures for grains, which were very bearish not so long ago, halted their decline recently, and the current trading session demonstrated that the agricultural market has a bullish bias now. Most softs rallied today, including corn, soybeans and wheat, and gains were substantial. The reason for the trend change was forecasts of rainy weather that should delay harvest.

While prices for agricultural goods are strong right now, traders should not forget that negative factors, which were driving the market in its bear phase, have not gone away. The US Department of Agriculture estimated that many crops will have record yield this harvest season, and unless such outlook is changed grains will remain in danger of entering a bear market yet again.

December futures for corn jumped 1.62 percent to $3.2850 per bushel as of 12:11 GMT on CBoT today. Contract for soybeans rallied as much as 1.48 percent to $9.2575 per bushel, while wheat surged 1.29 percent to $4.9200 per bushel.

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

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