June 16, 2011

Corn tumbles on outside pressure

US corn futures tumbled under pressure from external markets Wednesday, with falling crude oil and the climbing US dollar attracting selling across commodities in general. Concerns about the world economy were seen as a negative factor for commodities as fears mounted about Greece.

Traders looked to external markets for direction, as they await updated crop estimates June 30, after farmers aggressively finished plantings last week, said Tim Hannagan, analyst with PFGBest, a brokerage firm in Chicago. Crude oil is linked to the grains because ethanol is made from corn and funds often trade in a basket of commodities. Read more ...

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