reuters.com
Jul 23, 2008
By K.T. Arasu CHICAGO (Reuters) - U.S. corn ended lower on Wednesday after a volatile session that saw wild swings in prices as bearish crop weather and a resurgent dollar were pitted against a bout of bargain hunting. Prices fell nearly 4 percent as concerns over government moves to limit speculation in commodities also lent pressure. They crawled into the black as investors felt the market had fallen too much, then slipped again. "Corn is very much oversold technically, we've been on a big price break so it's just coming back. There was nothing in the cash market and no new demand ... this was all technical," said Paul Haugens, vice president for Newedge USA. The Reuters-Jefferies CRB Index , a closely watched indicator that tracks 19 commodity markets including crude oil and corn, fell to an 11-week low before paring...
[read full story]