Chicago soybean price drops as dollar surges
By: Kevin CraneyJanuary 9th, 2012 8:46AM CST
"So some of the traders are holding off a little bit to see exactly how the weather shakes out in South America", said Kevin Craney, RJO Futures Brokers trading advisor.
Some traders attributed the early gains in grain prices to the speculation that hotter weather in Argentina and Brazil will cut production and prompt the U.S. government to reduce its outlook for global stockpiles.
"Likewise you have a firmer dollar today, so it is hard for the grains to certainly hold that strength that they once had during the morning session", Craney added.
Craney also pointed out that any weakness in the grains would be met with some real support from end users.
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Kevin Craney
Senior Commodities Broker
Kevin Craney's career in futures stems from his keen interest in trading and the markets, as well as his background in production agriculture and finance. This knowledge along with a bachelor's degree in Agri-Business from Western Kentucky University have enabled Kevin to understand the hedging needs of agri-producers, to help them manage risk and assist them with their business needs. While completing his MBA at Indiana Wesleyan, Kevin pursued a career in finance in the corporate arena as well .... Read More
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