Home / Markets / Markets Analysis / Corn market / Grains look to start Tuesday higher

Grains look to start Tuesday higher

Jeff Caldwell 08/13/2013 @ 6:25am Multimedia Editor for Agriculture.com and Successful Farming magazine.

The bullish momentum derived from Monday's USDA Crop Production and WASDE reports carried over through the overnight trading session and looks to continue at least into the early stretches of Tuesday's open-outcry session.

As of 6:00 a.m. Central Time Tuesday, December corn was 2 1/4 cents higher at $4.66 1/4 per bushel, November soybeans were 13 3/4 higher at $12.39, and December corn was 3 1/4 higher at $6.52 1/4, according to Barchart.com.

The upward trend is seen as likely to continue for some time, one analyst says. Monday's monthly USDA data showed lower projected corn and soybean crops, while the agency's weekly Crop Progress report indicated that while conditions remain relatively favorable, both crops are late in their development. Combined, those projections could give the grains a jolt of bullish life for a while, says Al Kluis of Kluis Commodities.

"I think that December corn put in an important low yesterday at $4.46 [per bushel]," Kluis says Tuesday morning. "In the overnight grain market, U.S. grain prices are higher again."

Moving forward, a critical variable will lie in Mother Nature's hands. Kluis says his attention's squarely on rainfall potential in the areas where it's most needed.

"I am waiting to see if the dry areas of Iowa that missed the weekend rains get rain yet this week," he says.

   

CancelPost Comment
MORE FROM JEFF CALDWELL more +

3 Things to Watch This Morning, Friday… By: 01/30/2015 @ 6:35am Grains seen 'quietly' moving higher Friday. The overnight session saw the grain markets…

3 Things to Watch This Morning, Thursday… By: 01/29/2015 @ 6:18am Another day, another set of market factors hitting the grains. The grain markets are lower heading…

Farm Operating Loans on the Rise -- Fed By: 01/28/2015 @ 2:50pm The switch has been flipped.A couple of years ago, farm lending for big-ticket purchases -- fueled…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Senator Grassley and his Mower
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]