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| Commodity News |
| HeadLine : |
Soy, corn futures rally on bargain buying, geopolitical tensions |
| Date : |
Apr 22 2024 |
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U.S. corn and soybean prices rose on Friday as heightened geopolitical tensions spurred a round of bargain buying after the benchmark contracts in both markets fell to their lowest levels in more than six weeks, traders said.Analysts said traders were squaring positions ahead of the weekend and after recent declines. Despite Friday’s higher close, July corn CN24 finished the week down 0.95%, July soybeans SN24 declined 1.8% and July wheat WN24 fell 0.7%.The move “is not going to cause a big increase in ethanol demand. Rather, it will avoid a seasonal dip in demand. Its market impact is more psychological,” StoneX chief commodities economist Arlan Suderman wrote in a client note.Rallies in soybeans were capped in part by supplies of cooking oil coming into the United States from overseas and depressing the soyoil market, said Don Roose, president of Iowa-based U.S. Commodities. CBOT July soyoil futures BON24 hit a contract low in early moves before bouncing.
Source: Reuters
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