Grain futures corn grain futures regained footing

Corn grain futures regained footing midday after energy market strength boosted ethanol margins. Cross-commodity analysis suggests crude oil prices above $85/barrel tend to tighten corn supply in futures markets. BAKER, Minn. — To its owner, the towering structure rising from the prairie in Baker is more than an old grain elevator. The 10.5% FOB US Gulf SRW front-month premiums were steady. This was with October at 90 cents per bu over December Chicago SRW futures. And November at $1.10 per bu over the same underlying contract. Minneapolis spring wheat futures outpaced Chicago wheat, reflecting quality premium trends. Grain futures spread traders are exploiting this by going long on premium wheat while hedging with lower-grade exposure.