Prices Rally! Afternoon Commodities Report from Allendale for August 29, 2012

Posted on August 29, 2012


Corn, wheat, and soybeans have all rallied today. The surge in wheat prices began reports surfaced that Russia is considering limiting exports after saying on August 23rd that they would not do so. Looking back to the 2010/11 marketing year, Russian production totalled 41.5 million metric tons. Estimates for the current marketing year were slashed in August by 6 million to 43.0 million metric tons. The USDA lowered export estimates by 4 million tons as well. We will have to wait and see.

Closing Prices (per bushel unless otherwise stated)

Contract Commodity Last Change
Dec 2012 Corn $8.1425 +0.1875
Dec 2012 Wheat $9.0650 +0.3100
Nov 2012 Soybeans $17.6275 +0.3025
Sep 2012 Soybean Oil (Metric Ton) $56.7100 +0.9800
Sep 2012 Soybean Meal (Metric Ton) $543.0000 +8.8000

Afternoon Commodities Report from Allendale

Recent Blog Posts At The Mays Report

Most Recent Articles Published Exclusively at Seeking Alpha

Disclosures: The Author of this post has a bear credit spread in Corn. Neither the author of this article or any family members own any futures contracts or options on futures in any of the other commodities mentioned in this article. For a complete disclosure of the policy on ownership of stocks/commodities written about or recommended, please see about page.

Advertisements