Futures close sharply lower - just for a change
Beans closed locked in limit down as did oil Thursday night. Meal was a bit strange with nearby months only slightly lower, but with new crop Oct08 onwards down around $10-14.
Outside influences continue to have a large degree of bearing, but didn't they also on the way up. There is some talk of China defaulting on some soy purchases, and with large South American crops around the corner poised to provide competition for U.S. exports that was enough in the current climate to send futures scurrying lower.
Wheat futures opened in negative territory and remained under heavy selling pressure throughout the session. Even bullish news of a larger-than-expected purchase from Egypt failed to lift the market into positive territory.
Nearby May closed with losses of 86 1/2c.
Corn finished at or around limit down (-20c) whilst other commodities such as gold, crude, copper, sugar, cocoa, cotton & sugar also finished with big losses on the week.
Outside influences continue to have a large degree of bearing, but didn't they also on the way up. There is some talk of China defaulting on some soy purchases, and with large South American crops around the corner poised to provide competition for U.S. exports that was enough in the current climate to send futures scurrying lower.
Wheat futures opened in negative territory and remained under heavy selling pressure throughout the session. Even bullish news of a larger-than-expected purchase from Egypt failed to lift the market into positive territory.
Nearby May closed with losses of 86 1/2c.
Corn finished at or around limit down (-20c) whilst other commodities such as gold, crude, copper, sugar, cocoa, cotton & sugar also finished with big losses on the week.