Grains Mixed After Thursday's Rally
September 21 2018 - 4:00PM
Dow Jones News
By Francesca Fontana
Grain futures closed mixed after Thursday's rally as analysts
and traders watch for signs that the trade skirmish between the
U.S. and China is causing world demand to be diverted rather than
erased.
Corn prices for December contracts rose 1.4% to $3.57 1/4 a
bushel at the Chicago Board of Trade. November soybean contracts
fell 0.4%, and December wheat contracts fell 0.4%.
Analysts say that traders will be watching for developments on
trade relations between the U.S. and countries such as China and
Canada, as well as reports that Argentina may raise export taxes.
They are also keeping an eye on reports that Argentina bought U.S.
soybeans, which could potentially be sold to China as soymeal or
beans, after the country suffered drought conditions earlier this
year, analysts said.
"With all these tariffs the question is, did the world trade on
soybeans shrink, or did it just get displaced," said Don Roose,
president of brokerage U.S. Commodities.
This week's corn export data contributed to a rally in corn
prices that continued Friday. The U.S. Department of Agriculture
reported corn export sales of 1.38 million tons Thursday, exceeding
trade expectations.
Write to Francesca Fontana at francesca.fontana@wsj.com
(END) Dow Jones Newswires
September 21, 2018 15:45 ET (19:45 GMT)
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