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January 4, 2012

 

CBOT corn, soy start on high for 2012
 

 

Corn and soy continued their 2011 year end rally Tuesday (Jan 3) on the Chicago Board of Trade, with March corn closing up 12 cents per bushel to US$6.58 and March soy up 20 cents per bushel to US$12.18.

 

Hogs has a good first trading day of 2012, gaining US$1.22 per hundredweight to US$85.32 for March delivery.

 

Chicago Board of Trade after-market commentary said "sharp weakness in the US dollar index spurred widespread buying in the commodity markets today."

 

Corn prices were helped Tuesday by the weakness in the dollar, a gain of more than US$4 per barrel to above US$103 on the New York Mercantile Exchange and continued worries about drought and heat damaging a South American corn crop that is in the middle of pollination.

 

"Strength in the outside markets merely added to the bullish tone already in the grain and oilseed complex to start the new trading year, with traders focused on hot dry weather in southern Brazil and Argentina. Little has changed in the outlook over the weekend, as pollinating corn and pod setting soy face increased stress in the days ahead."

 

Corn and soy rose in seven of the last eight trading days of 2011 on news of the hot conditions in South America. Corn has gained about 70 cents per bushel since falling to its low in mid-December.

 

Traders are preparing for the next USDA supply and demand report on January 12.

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