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Corn market gets a boost

Updated: 08/20/2010 @ 1:47pm

CHICAGO, Illinois (Agriculture.com)--With the market believing Iowa's corn yield potential could be cut due to weather problems, the CME Group corn market closed higher Friday. 

The Dec corn futures settled 7 1/2 cents higher at $4.36 3/4. The Nov. soybean contract settled 8 1/4 cents lower at $10.04. The Dec. wheat futures contract closed 2 1/2 cents lower at $7.11 3/4. The Dec. soymeal futures contract ended $1.90 per short ton lower at $293.20, and Dec. soyoil down 39 points at $40.09.

In the outside markets, the NYMEX crude oil is $1.14 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 71 points.

Joe Bedore, FC Stone's CME Group trading floor manager, says that even though Ukraine has announced it will export a few more million metric tons of wheat than expected, and Russia announced it won't be importing grain, the wheat market is performing well. 

"This means there is more to this wheat story," Bedore says. "For the corn market, reports out of Iowa indicate the summer's night-time temps hurt that crop, this is supporting the market. But, for soybeans, that is the scariest market right now. It looks like there is a big soybean crop out there. Combine that with a big production number upcoming out of Brazil and that could be a tough mountain to climb for the bean market," Bedore says.

Yet another trader, that chose to remain anonymous, says there are reports in the Delta of 60-plus bean yields. 

Meanwhile, on Friday, the USDA announced a number of U.S. export sales. The export sales are stacking up, again this morning. USDA says 165,000 mt of U.S. wheat was sold to an unknown buyer for 2010-11 delivery. Also, 212,052 mt of U.S. corn was sold to an unknown buyer for 2010-11 and 2011-12 delivery.

In addition, USDA announced 100,000 mt of U.S. soybeans were sold to Egypt for 2010-11 delivery. And 120,000 mt of U.S. corn was sold to Egypt for 2010-11 delivery.

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