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Crop stress focus of futures markets

Aug. 29, 2012 at 7:14 PM   |   Comments

CHICAGO, Aug. 29 (UPI) -- Grain futures closed higher on the Chicago Board of Trade Wednesday as traders focused on low yields prompted by the summer's prolonged drought.

Corn was up 15 to up 20 3/4, soybeans were up 24 3/4 to up 30 3/4, wheat was up 21 to up 30 3/4 and oats were up 13 to up 13 1/2.

Grain futures rose Wednesday as the corn harvest began to bring crop losses into sharper focus. Wheat prices found support from concerns over tight supplies in Europe. Traders are also concerned that a return to hot, dry weather in soybean growing regions means weather-related stress on the crop has not ended.

The prices:

Corn: Sep 8.10 1/4 up 20 3/4, Dec 8.13 1/2 up 18, Mar 8.13 up 16 1/2, May 8.05 1/2 up 15.

Soybeans: Sep 17.63 1/4 up 30 3/4, Nov 17.53 up 30 3/4, Jan 17.42 1/2 up 28, Mar 16.63 up 24 3/4.

Wheat: Sep 8.85 1/2 up 30 3/4, Dec 9.05 3/4 up 30 1/4, Mar 9.13 1/4 up 26 3/4, May 90.3 1/4 up 21.

Oats: Sep 3.87 1/4 up 13 1/4, Dec 3.96 up 13 1/2, Mar 3.95 3/4 up 13, May 3.94 up 13.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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