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Weather rally helps soybeans

Updated: 08/21/2013 @ 1:46pm

DES MOINES, Iowa (Agriculture.com)--A weather rally helped the soybean market push up corn and wheat prices Wednesday.

The Sep. corn futures settled 14 cents higher at $4.98 per bushel. The Dec. corn futures contract finished 8 cents higher at $4.83. The Sep. soybean futures contract closed 23 cents higher at $13.33, new-crop Nov. soybeans finished 13 cents higher at $13.04. Dec. wheat futures finished 3 cents higher at $6.49 per bushel.  
In the outside markets, the NYMEX crude oil is $0.04 per barrel higher, the dollar is higher and the Dow Jones Industrials are 43 points lower.

Jack Scoville, PRICE Futures Group vice-president says the weather rally is in place.

"Crops are behind schedule and in some cases way behind. Producers are worried about the lateness and not too willing to sell, as they are not sure the crop will get 'home'.  Overall, the crop looks to be out there but we need some precip and a long fall to finish. The market knows it," Scoville says.

Separately, the Energy Information Agency Wednesday announced that weekly ethanol production averaged 844,000 barrels per day (b/d) — or 35.45 million gallons daily. That is down 13,000 b/d from the week before. The four-week average for ethanol production stood at 846,000 b/d for an annualized rate of 12.97 billion gallons.

Stocks of ethanol stood at 16.5 million barrels. That is a 0.3% increase from last week.

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