Corn closed under $7.50 and soybeans are almost down to $16 a bushel. While I called the top in corn prices in early August, I expected prices to stay closer to $8 per bushel until there was more clarity about the weather and planting season in South America. However, many poultry producers have recently sought to renegotiate contracts. Even at $7.50 per bushel these producers say they are losing roughly ¢0.10 per pound of poultry sold. New export sales were 69,900 metric tons, which was well below expectations of 350,000 – 450,000.
Closing Prices (per bushel unless otherwise stated)
|Sep 2012||Soybean Oil (Metric Ton)||$54.6100||-1.2200|
|Sep 2012||Soybean Meal (Metric Ton)||$482.2000||-17.5000|
Afternoon Commodities Report from Allendale
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- Weather Outlook for Upcoming South American Corn & Soybean Growing Season
- South American Corn & Soybean Outlook
- Changes Coming To The Mays Report
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