Grain futures surging into Monday
The grain markets are expected to start out the week on a bullish note, underpinned by crop weather concerns and corresponding market strength from South America to eastern Europe.
Early calls for the grain markets are corn 5 to 7 higher, soybeans 12 to 14 higher, and wheat 9 to 11 higher, according to private sources.
As of 5:49 AM CST Monday, the March corn futures contract was 7 1/2 cents higher at $7.60 1/4 per bushel, while January soybeans were 16 1/4 higher at $14.55, and March wheat was 9 cents higher at $8.72 1/2.
The surge in prices comes as concerns grow on several different weather fronts; analysts say there's growing worry about poor weather for wheat stand establishment in Russia, and concerns remain about South American crop weather, where rain's been slowing wheat harvest and corn and soybean planting. Meanwhile, technical buying has the soybean trade in China rising Monday, and that's likely to continue as end-users there rush to build inventory for the coming winter months, one report shows.