Dollar and drought lift grain futures

Posted on Aug 22, 2012 in Business | 0 comments

Grain futures prices were higher at the close Tuesday on the Chicago Board of Trade as the U.S. dollar fell sharply.

Corn was 12 1/2 to up 16, soybeans were up 45 to up 49 3/4, wheat was up 14 to up 21 and oats were up 2 to up 8 1/4.

Corn prices rose as reports on field conditions in Nebraska and Indiana were expected after the close of markets. Wheat futures found support from continuing news on dropping production in Russia with yields in Siberia reportedly down from the previous season. Soybean prices jumped on a report indicating China’s imports rose 9.5 percent in July.

The prices:

Corn: Sep 8.31 1/4 up 16, Dec 8.38 3/4 up 15, Mar 8.37 3/4 up 13 3/4, May 8.29 up 12 1/2.

Soybeans: Sep 17.53 1/2 up 49 3/4, Nov 17.32 1/2 up 49, Jan 17.20 1/2 up 46 3/4, Mar 16.23 1/4 up 45.

Wheat: Sep 9.00 1/2 up 21, Dec 9.22 up 19 1/4, Mar 9.30 up 17 3/4, May 9.15 1/4 up 14.

Oats: Sep 3.96 3/4 up 8 1/4, Dec 3.97 up 8 1/4, Mar 3.95 up 6 1/4, May 3.93 3/4 up 2.

Copyright 2012 by United Press International