Grain Markets Post Small Gains, Losses Awaiting Drivers
October 23 2018 - 03:46PM
Dow Jones News
By Francesca Fontana
Grain markets are treading water as the U.S. harvest progresses
and trade uncertainty between the U.S. and China keep traders from
placing large directional bets.
"There are so many variables that I'm not sure people know what
to do," said Vance Hahn, a broker at Summit Commodity
Brokerage.
Soybean contracts for November delivery fell 0.1% to $8.57 1/2 a
bushel at the Chicago Board of Trade. December corn futures rose
0.2% and December wheat futures rose 0.2%.
While heavy rains and early season snow hampered harvest efforts
in recent weeks, the Commodity Weather Group forecasts light and
brief Midwest showers that will allow farmers to continue harvest
this week, and predicts wetter weather in the middle of next
week.
Traders are also watching for any changes in foreign demand that
could support prices, as there have not been any developments in
negotiations between the U.S. and China ahead of the U.S. midterm
elections in November.
"Both sides in the trade dispute are not showing signs of
backing down and until such meeting or progress takes place, U.S.
exports remain in limbo," said Adam Suntken of MaxYield
Cooperative.
Meanwhile, South American grain farmers are benefiting from good
weather while planting, which could also limit any gains for U.S.
grain futures, Mr. Hahn said.
Write to Francesca Fontana at francesca.fontana@wsj.com
(END) Dow Jones Newswires
October 23, 2018 15:31 ET (19:31 GMT)
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