Home / News / Business news / Grain prices close firm

Grain prices close firm

10/25/2010 @ 9:59am

CHICAGO, Illinois (Agriculture.com)--The CME Group grain markets close off their highs but strong Monday. South America weather woes, a lower dollar and higher exports are all propping up the grain rally, analysts say.

The Dec corn futures settled 8 3/4 cents higher at $5.68 3/4. The Nov. soybean contract closed 18 3/4 cents higher at $12.17 3/4. The Dec. wheat futures closed 3 1/4 cents higher at $6.74.  The Dec. soymeal futures contract ended $3.70 higher at $334.60 per short ton. The Dec. soyoil futures contract is $1.17 higher at $49.47.

In the outside markets, the NYMEX crude oil is $0.68 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 60 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the market is pricing in less rainfall than needed over the weekend in Brazil. 

"That country's bean planting continues well behind normal. China was in buying U.S. beans today for the sixth consecutive day as insurance against the drought continuing. Watch out for month end profit taking by funds who are fat with profits and the month ends Friday," Hannagan says.

USDA announced Monday that private exporters reported sales of 232,000 metric tons of U.S. soybeans for delivery to China during the 2010/2011 marketing year.

The marketing year for soybeans began Sept. 1.

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.
The Future of Livestock Production
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]