Corn Prices Soar to a Record High for the Year

Filed under: International Markets, Commodities, Oil, Agriculture

Rumors move markets, especially the commodity markets. The story of the day is a rumor that corn yields will be lower than forecast. The United States Department of Agriculture (USDA) originally forecast corn yields to be 165 bushels per acre. However, with the weather being hotter and drier east of the Mississippi, yields could come in lower, as reported by the Associated Press.

That sparked a rally in corn futures with the December contract up 17 cents to $4.64 per bushel (each one cent equals $50). Wheat prices are benefiting from the drought in Russia and Russia's export ban. December wheat futures shot up 27.5 cents to $7.41 per bushel. Soybeans also were higher by 26 cents to $10.35 per bushel for the November contract.

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Corn Prices Soar to a Record High for the Year originally appeared on BloggingStocks on Mon, 06 Sep 2010 09:00:00 EST. Please see our terms for use of feeds.

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United States Department of Agriculture - Wheat - Mississippi - Russia - Soybean

Full story at http://www.pheedcontent.com/click.phdo?i=134f5fe81a28d70e26732dafb2751486