Chicago grain futures mixed amid bullish outside markets, improved weather

11:21, March 27, 2010      

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Grain futures in the Chicago Board of Trade were mixed on Friday as dollar weakened and a warmer and drier weather was forecast for next week.

Soybean future for May delivery rose 11.25 cents to settle at 9. 5375 U.S. dollars per bushel. May corn contract was up 2 cents to 3.57 dollars a bushel. May wheat ended lower at 4.645 dollars per bushel, down 2 cents and touching a fresh contract low of 4.64.

Crude oil prices rallied overnight from earlier lows with the benchmark oil contract for May delivery rising to an intraday high of 81.46 dollars per barrel, benefiting grain prices in the morning session.

Analysts indicated that there could easily be some short covering going into the weekend and ahead of next week's USDA acreage and stock report scheduled for release on March 31. The planting intentions report is anticipated to peg corn acreage at 89.08 million acres with an expectation range of 87 to 90.20 million acres, soybean at 78.50 million acres with a range of 77. 43 to 79.50.

Next week's warmer and drier weather than expected is still a negative factor to corn futures price. Generally speaking, this pattern improves the odds of corn being planted on time, which would tend to shift acres from soybeans into corn.

The dropping dollar also helped to support grain prices. Dollar 's depreciation usually lowers the U.S. soy's export prices and strengthens its competitiveness on the international markets.

Source: Xinhua
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