Profit taking weighs on front-month corn-Grain and Soy Review

Corn futures finished mixed Friday, with nearby, old crop contracts sliding to a two-week low, as traders booked profits on prior gains in the absence of fresh news to attract buyers. After setting a fresh all-time record of US$7.83 3/4 on Monday, the market has been dragged lower this week by profit-taking and pressure from other commodities, due to worries about the global economy and demand.

In particular, worries about inflation in China, which could prompt the government to enact measures to control growth that could curb commodity demand, weighed on the markets, analysts said. Corn for May delivery, the most actively traded contract, ended down 12 1/4 cents, or 1.6 percent, to US$7.42 a bushel at the Chicago Board of Trade. The new crop December contract rose 1/2 cent or 0.1 percent to US$6.56.

Meanwhile, new crop contracts that represent crops farmers are preparing to plant in the spring and harvest in autumn managed to shrug off the pressure that nearby contracts faced. Read more ...

This blog is written by Martin Little The Global Miller, published and supported by the GFMT Magazine and International Milling Directory from Perendale Publishers