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Grain prices sharply higher

Updated: 08/26/2010 @ 1:50pm

CHICAGO, Illinois (Agriculture.com)--Strong demand and supportive outside markets keep the CME Group grain prices higher Thursday.

At mid-session, the Dec corn futures are 9 cents higher at $4.29. The Nov. soybean contract is 9 3/4 cents higher at $10.08 3/4. The Dec. wheat futures are 14 cents higher at $6.94 1/2. The Dec. soymeal futures contract is $1.90 per short ton higher at $293.90, and Dec. soyoil up 40 points at $40.12.

In the outside markets, the NYMEX crude oil is $0.96 per barrel higher, the dollar is lower, and the Dow Jones Industrials are down 16 points.

Tim Hannagan, PFGBest.com senior analyst, says it's a simple day. "After month-end profit-taking, the first three days of the week, we see some re-entering of longs as the weekly export sales report out prior the open showed again very strong exports of all three grains. This is suggesting the September 10 USDA crop report may again raise export projections and lower ending stocks for the grains. 

Hannagan adds, "The harvest is beginning in the southern Delta and southern Illinois, and Indiana, where the hottest driest conditions of the year prevailed. So, expect early harvest results to show the lowest yields."

Higher prices today, due to supportive outside markets and strong demand. 

Early 2010 U.S. corn yields are being reported from Illinois. Visit the Agriculture.com 'Crop Talk' section and see the latest. We encourage you to chime in with any yield reports and take the yield survey. 

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