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Chicago grains gain strength amid recovery in equity, energy

09-27-2011 10:05 BJT

CHICAGO, Sept. 26 (Xinhua) -- Chicago grains on Monday bounced off recent weakness, gaining support from the recovery in the stock and energy markets. Talks of an oversold condition after recent sharp drops also helped underpin the market.

The most active corn contract for December delivery closed at 6. 48 U.S. dollars per bushel, up 9.5 U.S cents, or 1.5 percent. December wheat gained 7.5 cents, or 1.2 percent, to 6.4825 dollars per bushel. November soybean rose 1.75 cents, or 0.14 percent, to 12.5975 dollars per bushel.

Market analysts said that a strong recovery in equity and energy helped to support the market. New York crude oil on Monday gained 39 cents to settle at 80.24 dollars per barrel. Meanwhile, U.S. stocks also soared, with the Dow Jones Industrial Average reclaiming the 11,000-point level in the day.

Besides, traders noted that the overall grain market was in an oversold condition after recent steep drops, which prompted some bargain-hunters to rush to the market.

The Commitments of Traders (COT) report indicated heavy selling and long liquidation from fund traders on the corn and soybeans market, and a hefty net short position for wheat in the recent trading.

However, the upsides were limited by the expectation of some rain in Argentina and increased harvest pressures with the dry weather this week in the western Corn Belt.

 

Editor:Zhang Rui |Source: Xinhua

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