Corn, soybeans remain stronger
The CME Group corn, soybean and wheat futures remain stronger Friday. Broad-based buying of commodities, less-than-impressive rainfall, lower crop estimates and supportive outside markets all keep the farm markets higher.
At mid-session, the Sep. corn futures are trading 11 1/2 cents higher at $7.92 3/4, while the Dec. contract trades 11 1/4 cents higher at $7.87 1/2. The August soybean contract is trading 32 cents higher $16.87, Nov. futures are up 38 1/2 cents at $16.06. The Sep. wheat futures are trading 15 1/4 cents higher at $8.99. Aug. soyoil futures trade $0.22 higher at $51.90. The Aug. soymeal futures are trading $10.80 higher at $529.60.
In the outside markets, the NYMEX crude oil is $0.76 per barrel higher, the dollar is lower and the Dow Jones Industrials are 111 points higher.
Informa, the private analyst firm, dropped its U.S. 2012 corn estimate by 8% to 11.47 billion bushels. its corn yield is pegged at 134 bu./acre vs. 142.5.
For soybeans, the firm dropped its yield from 40.0 to 38.5 bu./acre. The cropsize is estimated at 2.89 bill. bushels vs. 30.0 billion.