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CORN PRICE HITS TWO YEAR HIGH
Dec. 20, 2010
BrownfieldAgNews reports:
Corn was higher Friday on short covering and speculative buying, finishing near 28-month highs. The hot dry conditions in Argentina were also supportive as the crop is in the pollination phase and any loss of supply would further raise demand for U.S. corn.
Soybeans were higher on technical buying and short covering. The big issue - South American weather outlook is mixed, better for Brazil than Argentina with more hot, dry weather in the forecast for the world's third leading producer of beans.
The wheat complex was higher on technical buying and short covering. The Southern Plains will get some precipitation, but it should be light and scattered and there's early talk of some producers needing to re-plant. In any event, the near term fundamentals may be bearish, but world crop weather concerns have the long term outlook trending bullish.
Informa sees total U.S. acreage up on the year but it was still lower than many were expecting, so there's some thought traders will bid up for acreage.
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