Grains surge on export sales, weather
U.S. corn and soybean futures are up Thursday morning on strong export sales and worries about unfavorable weather for crop growth.
The U.S. Department of Agriculture on Thursday morning reported net export sales of corn in the week through Aug. 8 totaled 777,000 metric tons, greater than the 300,000 to 600,000 tons predicted by analysts. Net soybean export sales totaled 1.883 million tons, above the 600,000 to 1.1 million expected by analysts.
The report pushed futures higher. Corn and soybeans are also up on worries that hot, dry weather in current forecasts could damage crops.
Wheat is being pulled higher by the rise in corn.
With electronic trading paused until the open-outcry session starts at 9:30 a.m. EDT, Chicago Board of Trade September corn is up 8 3/4 cents or 1.9% at $4.73 1/2 a bushel. CBOT September wheat is up 4 1/2 cents or 0.7% at $6.35 a bushel. September soybeans are up 13 1/2 cents or 1.1% at $12.83 a bushel.
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(END) Dow Jones Newswires
August 15, 2013 09:14 ET (13:14 GMT)
DJ U.S. Corn, Soybeans Up On Export Sales, Weather Worries->copyright