Home / News / Business news / Crop estimate raises soy market

Crop estimate raises soy market

11/11/2010 @ 9:44am

CHICAGO, Illinois (Agriculture.com)--After a private firm dropped 2011 soybean acreage estimate, next year's CME Group futures contracts jumped Thursday. On the flip side of those estimates was a bearish corn acreage figure.

The Dec corn futures settled 2 3/4 cents lower at $5.64. The Jan. soybean contract closed 19 1/2 cents higher at $13.39. The Dec. wheat futures ended 6 cents lower at $7.04.  The Jan. soymeal futures contract closed $2.70 higher at $360.10 per short ton. The Jan. soyoil futures contract settled $1.10 higher at $55.35.

In the outside markets, the NYMEX crude oil is $0.08 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 79 points.

Informa, a private analytical firm, released Thursday a statement estimating the U.S. 2011 corn acres in 2011 at 93.1 million vs. the USDA's 88.2. That's over a 5.0% increase. Also, the firm says the U.S. farmers will plant 2.5% less soybeans in 2011, 75.8 million vs. the USDA's latest estimate of 77.7 million. This pushed up the 2011 soybean contracts by 20¢.


CancelPost Comment
MORE FROM MIKE MCGINNIS more +

USDA Data Is Friendly, Soybeans Don't… By: 12/10/2014 @ 10:14am DES MOINES, Iowa (Agriculture.com)—The strong pace of U.S. exports has encouraged the USDA to…

Pre-USDA, Markets Drop Wednesday By: 12/10/2014 @ 8:53am DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group's corn, soybean and wheat…

Corn, Soybeans Seen Extending Gains By: 12/10/2014 @ 5:52am On Wednesday, the CME Group's corn, soybean and wheat markets are expected to start mostly…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Chainsaw Accessories
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]