With oil prices and dollar index moving up, Grain futures start recovery process
As crude oil prices rose and the dollar index gained 0.05 percent, commodity prices turned higher on the Chicago Board of Trade on Tuesday.
Corn was up 7 1/4 to up 8, soybeans were up 7 1/2 to up 8, wheat was up 17 to up 19 and oats were up 1 3/4 to up 2 1/4.
It was also reported that Corn prices recovered about half of Monday's losses, although South Korea passed on a tender to by 55,000 metric tons and Corn Belt weather remained highly favorable for planting.
Despite a U. S. Department of Agriculture report that pegged 69 percent of the winter wheat crop in excellent condition, ahead of the historic average of 49 percent for this time of year, Wheat futures rose.
Support was found by Soybeans from Egypt's purchase of 44,000 metric tons of edible oils on Tuesday. (With Inputs from Agencies)