European Oil Release Plans Spark Energy Price Drop, Corn Futures Rebound

Corn futures hovered around $5 per bushel as of Thursday morning, recovering from a mid-week dip below this psychologically important mark. The December contract closed above $5 after a late bounce in the previous session.

The grain market's performance was mixed overnight, with November soybeans down 6 ¾ cents and December soybean meal falling by $5.00. In contrast, December soft red winter wheat futures rose 3 cents, while December hard red winter wheat gained a quarter cent.

Energy markets were under pressure Friday morning due to reports of potential releases of emergency crude and fuel stocks in Europe. Oil futures declined over 3%, with November Nymex diesel falling 2.9%.