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U.S. soybeans rose about 2 percent on Wednesday to new eight-month highs, with CBOT May soybeans reaching $10 a bushel for the first time since before last autumn's harvest. Corn and wheat also rose sharply as investment funds added long positions in record volume and open interest.
The rally extended a dramatic April move tied to fund buying and rain-related delays in Argentina's harvest.
Heavy fund buying and delayed Argentine harvest supplies lift near-term prices across the grain complex, though the move may be driven more by positioning than by fundamentals. Buyers should expect elevated and volatile feed grain and meal costs.
agweek.comReuters MediaApr 21, 2016Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
