CBOT Corn Flat Amid Choppy Trade; Crop Weighs
Wed, Sep 30 2009, 16:56 GMT
http://www.djnewswires.com/eu/
1255 EDT [Dow Jones] - CBOT corn futures, which have been bouncing around all morning on both sides of unchanged, are flat at midday. "People are nervous to buy it and people are nervous to sell it," says Northstar Commodity analyst Jason Ward. "They're not sure what to do at this price." Longer-term he says the market has the potential to move 30 cents in either direction. He notes that basis is strong and funds have been buyers, and that a weekly close above $3.47 would signal a seasonal low is in place. But analysts say the market will continue to face a headwind from a large crop. Wednesday's quarterly stocks report was seen as mildly friendly, while a traders says the weather remains bearihs. Dec corn is flat at $3.41 per bushel and March corn is flat at $3.54. (IPB)
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