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Grains, Soybeans Prices Rally on Wednesday
USAgNet - 05/26/2016

Prices of U.S. grain and soybean futures rose on Wednesday, as world weather concerns and optimism over global demand spurred a fresh spate of buying by commodity funds. Soybeans led the gains, rebounding from losses posted in previous sessions, as fund managers drove prices higher amid forecasts for wet weather in the Farm Belt, which could delay fieldwork through the end of the week.

Nasdaq.com reports that rainy conditions in the U.S. follow inclement weather in Argentina, a major soybean producer, which has cut that country's oilseed crop. Meanwhile, continuing concern that hot, dry weather toward the end of the U.S. summer growing season could sap crop yields added buoyancy to the market.

Strength in outside markets, including crude oil, also buoyed the soybean market on Wednesday. Still, a drier outlook for parts of the U.S. Midwest next week likely will enable planting progress to resume, and seeding of the soybean crop already is running ahead of schedule.

Soybean futures for July, the most actively traded contract, advanced 26 1/2 cents, or 2.5%, to $10.81 1/4 a bushel at the Chicago Board of Trade. Sharply higher soybean-meal prices also supported the oilseed market.

Corn prices climbed to a fresh 10-month high, as a brighter demand outlook spurred buying by commodity funds. U.S. corn currently is the cheapest in the world, analysts said, which could increase demand for domestic supplies as dry weather also hampers Brazil's crop.

In addition to increased interest from speculative investors in commodities such as corn, analysts said buying by ethanol producers and livestock farmers may also be supporting the market.


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