A quiet rally Thursday
DES MOINES, Iowa (Agriculture.com)--Ahead of tomorrow's USDA Stocks Report, the CME Group farm futures markets experienced a relief rally Thursday.
The Dec. corn futures settled 1 3/4 cents higher at $6.32 1/2. The Nov. soybean contract closed 6 1/2 cents higher at $12.30. The Dec. wheat futures ended 15 1/2 cents higher at $6.54 1/4. The Dec. soymeal futures closed $1.60 per short ton higher at $321.50. The Dec. soyoil futures ended $0.19 higher at $51.95.
In the outside markets, the NYMEX crude oil is $0.74 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 31 points.
Dan Basse, AgResource Co. analyst, says today's quiet market was a result of positioning ahead of tomorrow's report. "We saw a bit of a relief rally, after these markets had dropped a long way. Germany's vote to back a bailout for the Greek crisis helps. Tomorrow's USDA Reports will only be important based on what they say. But, make no mistake, the market wants to know corn and soybean yields and those will make up the October 12th report."