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Drones over U.S. may pose security risks
CHICAGO, Feb. 5 (UPI) -- A rising dollar, declining crude oil prices and a selloff in equities pushed grain futures lower Friday on the Chicago Board of Trade.
Corn was off 2 1/4 to off 2 1/2, soybeans were off 1/2 to off 1 1/4, wheat was off 1 1/4 to off 2 1/2 and oats were off 2 1/2.
Corn set new lows but contracts generally finished in the middle of their range despite pressure from a sharp selloff in crude oil. Traders said they feared the sharp drop in oil this week would dampen enthusiasm for ethanol despite new biofuels rules this week that promote ethanol and biodiesel use. Grain stock numbers in Canada that showed barley down 1 million tons from expectations provided some support.
Crude oil also pressured soybeans, which traded on both sides of Thursday's close but there was little support for follow-through selling. Gains in meal and lack of movement in cash markets provided some support.
Wheat rallied near the end of the day's session, erasing losses as high as 6 3/4 cents, with traders blaming the sell-off on a higher dollar and general selling in equity and some commodity markets. Canadian wheat stock numbers were seen as supportive at about 1 million tons below expectations.
The prices:
Corn: Mar 3.51 1/2 off 2 1/2, May 3.63 off 2 1/4, Jly 3.73 off 2 1/2, Sep 3.80 1/4 off 2 1/2.
Soybeans: Mar 9.13 1/2 off 1/2, May 9.24 1/4 off 1/2, Jly 9.32 3/4 off 3/4, Aug 9.28 3/4 off 1 1/4.
Wheat: Mar 4.73 1/4 off 2 1/2, May 4.88 off 2, Jly 5.00 1/2 off 1 3/4, Sep 5.16 3/4 off 1 1/4.
Oats: Mar 2.26 1/4 off 2 1/2, May 2.35 1/2 off 2 1/2, Jly 2.43 1/2 off 2 1/2, Sep 2.51 1/4 off 2 1/2.
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