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Even With Yield Pressure, Prices Up at Open

Jordan Anderson 08/21/2014 @ 8:42am Digital Content Editor for Successful Farming magazine and Agriculture.com

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.

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