Agricultural Stocks, Ag Futures Volatile Ahead of June 29th Report (MOO) (DBA)
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Commodity futures and agricultural stocks rallied for a second day on Wednesday, several days ahead of a June 29th acreage report from the USDA. The report surveys farmers to establish what they actually planted, and agricultural commodities are likely to remain volatile near term. Drought conditions in the Midwest are also creating volatility. Grain stocks are also due out on the 29th.
Early in the month it looked as if farmers with more corn exposure would be negatively affected, while those with soybean exposure would benefit. Recent fluctuations in the futures market could turn these early predictions on their head, however, as corn futures spiked over 10 percent in the past 5 days.
The Market Vectors Agribusiness ETF (NYSE: MOO) is up 1.2 percent at last check. The fund was up nearly 2 percent on Tuesday.
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Early in the month it looked as if farmers with more corn exposure would be negatively affected, while those with soybean exposure would benefit. Recent fluctuations in the futures market could turn these early predictions on their head, however, as corn futures spiked over 10 percent in the past 5 days.
The Market Vectors Agribusiness ETF (NYSE: MOO) is up 1.2 percent at last check. The fund was up nearly 2 percent on Tuesday.
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