CHICAGO (Commodity Online): US Corn futures end higher as traders unwind corn-soybean spread trades that had weighed on prices recently. Soybeans' gain versus corn has recently prompted some traders to worry farmers would plant less corn this spring, although others say the crop will be large regardless. Traders note firm cash prices and talk of increased exports also supported corn, though the market remain in a tight range. CBOT March corn ends up 8 3/4c at $6.38 1/4 a bushel.
Wheat
US Wheat futures climb amid strength in corn and optimism about export demand. Analysts say wheat was supported by corn, which climbed in a correction of the corn/soybean spread. Firm export-basis levels are also considered supportive, and traders are watching possible disruptions to Black Sea supplies due to cold that could boost US exports. Still, traders say world wheat supplies are abundant and that the market's upside is limited. CBOT March wheat ends up 11 1/2c at $6.44 1/2 per bushel while March KCBT climbs 8c to $6.85 and MGEX March adds 1 1/2c to $8.18 1/4.
Soybeans
US soybean futures end higher, managing to rebound from early losses as late gains in corn and wheat drag soybeans higher. Spread unwinding was featured throughout the day, with traders taking profits of long soybean/short Corn and Wheat contracts keeping pressure from soybeans for most of the day, analysts say. Traders are reducing some risk ahead of Thursday's USDA Outlook Forum, where it will release their first projections for the 2012-13 marketing year. After the spread trading ran its course, a strong technical picture and solid export demand allowed soybeans to bounce with a late rally in corn and wheat, analysts add. March CBOT soybeans ended up 1 1/4c at $12.72 1/4/bushel.
Soybean Meal/Oil
Soy product futures bounce, garnering strength from a late session recovery in soybeans. Soyoil led the advances in the products, supported not only by soybeans, but solid demand and general price strength in Crude Oil futures, analysts say. CBOT March soyoil ended up 0.16c at 54.22c/pound, and March Soymeal ended up $1.10 to $331.30/short ton.
Rice
US rice futures end slightly higher, in a modest rebound following four straight days of losses. Weak demand hangs over the market, which like other grains has been range-bound recently. Uncertainty about US planted acreage underpins. CBOT March rice ends up 9c to $13.92 per hundredweight.
Courtesy:CME Group
