Following wide swings in September and early October, the prices of corn, soybeans and wheat have traded in relatively narrow ranges in the last half of October.
Narrow trading ranges reflect the lack of new information and, in some cases, conflicting demand indicators, said University of Illinois agricultural economist Darrel Good.
“Since Oct. 12, December 2011 corn futures have traded in a range of about 40 cents, with a high near $6.65. That contract is now about $1.40 below the late August high,” he said.
Good said basis levels remain generally strong and are at a record for this time of year in some markets. Demand news tends to be mixed for corn, he said