Food Industry
Industry: Email Alert RSS FeedShifting Acreage To Move CBOT Corn, Soybean Futures.
Resource News International, April, 2006
Byline: Phil Franz-Warkentin, Resource News International
Winnipeg, MB, Apr 06, 2006 (Resource News International via COMTEX) -- Corn and soybean futures at the Chicago Board of Trade (CBOT) will be taking some direction from the weather and its impact on planting intentions over the next several weeks, said an Illinois based broker.
A USDA report, released March 31, forecast US soybean area in 2006 to increase 7% to a record 76.9 million acres, while corn seedings were expected to decrease 5% to 78.0 million acres. The report sent corn values sharply higher at the CBOT while soybean prices dropped.
"There's no question that there's a bearish tone in the soybean market," said Scott Capinegro, of Barrington Commodity Brokers. However, he...
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