USDA Forecast Drives Grain Prices Limit Up

Filed under: Forecasts, Market Matters, Economic Data, Commodities, Agriculture

Grain markets have been on a roller coaster since the summer, when Russia banned exports due to drought conditions. Friday, the United States Department of Agriculture (USDA) cut its projection for this year's corn harvest by 3.8%, as reported in the Wall Street Journal.

That news was like pouring gasoline on a fire. The grain markets exploded to the upside, closing limit up. Some exchanges place a limit on how high or low prices can trade on a given day. The limit for corn is 30 cents, for wheat 60 cents and for soybeans 70 cents (each penny equals $50).

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USDA Forecast Drives Grain Prices Limit Up originally appeared on BloggingStocks on Sat, 09 Oct 2010 12:40:00 EST. Please see our terms for use of feeds.

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