Food Industry
Industry: Email Alert RSS FeedWeather Still Weighing On CBOT Soybeans, Corn.
Resource News International, August, 2005
Byline: Phil Franz-Warkentin, Resource News International
Winnipeg, MB, Aug 17, 2005 (Resource News International via COMTEX) -- Soybean and corn futures at the Chicago Board of Trade (CBOT) remain under pressure from bearish weather conditions in the US Midwest, according to sources. While some short covering has helped values recover from their recent lows, the potential for further losses still remains.
The CBOT November soybean contract fell below the key US$6.20 per bushel level on Monday, August 15, as the US Midwest saw beneficial rains. While values bounced back above the technical level on Tuesday, due to short covering in an oversold market, the charts still look negative, said Mark Hanson, of Benson Quinn Commodities, Inc. in Minneapolis....
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