Grain futures move higher in Chicago

Posted on Nov 1, 2012 in Business | 0 comments

Prices were higher Wednesday on the Chicago Board of Trade with the dollar flat and equities mixed on Wall Street.

Corn was up 1 to up 14, soybeans were up 12 1/4 to up 13 1/4, wheat was up 5 1/4 to up 7 3/4 and oats were up 1/4.

Corn prices moved higher as rain continued to delay planting in South America. Wheat futures rallied on concerns that global supplies would be tight after a summer of dry weather in Europe. Soybeans moved in sympathy with corn, although slow corn planting eventually works against soybeans, as farmers use the legume as a default planting, given it requires a shorter growing season than corn.

The prices:

Corn: Dec 7.55 3/4 up 14, Mar 7.57 up 12 1/2, May 7.52 1/2 up 11, Jly 7.44 up 9 3/4.

Soybeans: Nov 15.47 up 13 1/4, Jan 15.48 3/4 up 12 1/4, Mar 15.23 3/4 up 13, May 14.78 1/4 up 12 1/2.

Wheat: Dec 8.64 1/2 up 7 3/4, Mar 8.79 1/4 up 7 1/2, May 8.86 1/4 up 7 1/4, Jly 8.73 1/2 up 5 1/4.

Oats: 3.89, Mar 3.97, May 3.98, Jly 3.97 1/2 — all up 1/4.

Copyright 2012 by United Press International