Even With Yield Pressure, Prices Up at Open
DES MOINES, Iowa (Agriculture.com) -- After prices closed lower due to pressure from strong yield potential, grain and soybean prices are back up this morning.
At the open, the December corn futures are trading 1 1/4 cents higher at $3.68 3/4.
November soybean futures are trading 3/4 cents higher at $10.38 3/4.
December wheat futures are 1 cent higher at $5.51.
In the outside markets, the NYMEX crude oil is $0.27 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 6 points lower.
All eyes are on crop tours scouting the high potential of corn this week.
“The USDA will have a tough time raising corn yields higher than 170 bushels per acre as the corn acres north of I-80 continue to be behind on maturity and will need a later-than-normal frost,” says Cory Bratland, markets analyst and broker with Kluis Commodities. “There is a high probability the Dakotas and Minnesota will lose yield due to a killing frost before October 1.”
In the outside markets, the crude oil is $.49 per barrel higher at $92.99, the dollar is lower by .0001, and the Dow Jones Industrials are 20 points higher at 16999.15 with the S&P 500 close to record.