Corn Flat While Wheat & Soybeans Trade Higher in Early Market Action

Posted on August 17, 2012

Dec Corn flat to  down while wheat & soybeans are trading a little bit higher this morning. Corn tried to move higher yesterday but stalled around $8.10 before retreating.  new export sales of corn, wheat, and soybeans were lower than the market expected. I expect prices for corn and wheat to remain high but range bound. It looks like the high range for soybeans is just under $17 a bushel but I don’t feel certain about that just yet. Here are a few more hot links…

Wheat Advances as Russia’s Stockpiles Decline, Draining Supply – Wheat gained, paring a second weekly loss, as inventories declined in Russia, last year’s third- biggest shipper, and the onset of El Nino threatens the Australian crop….Read More

Impact of U.S. Drought on Crops May Be Peaking – The severity of the worst U.S. drought in 56 years may be peaking, while its effects on corn and soybeans, the nation’s two biggest crops, may not be known until the harvests…Read more

Early trading prices (per bushel unless otherwise stated)

Contract Commodity Last Change
Dec 2012 Corn $8.0600 -0.0150
Sept 2012 Wheat $8.7000 +0.0825
Nov 2012 Soybeans $16.3375 +0.0850
Sept 2012 Soybean Oil (Metric Ton) $53.1500 +0.1100
Sept 2012 Soybean Meal (Metric Ton) $519.7000 +3.2000

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