Futures Market News
Corn, wheat and soybean futures thrive
Feb 09, 2011 01:27 PM
Smaller crops and increasing demand pushed corn, wheat and soybean futures to their highest levels, Bloomberg reports.
A U.S. Agriculture Department report also noted food prices are surging and inventories throughout the world are slimming down. Droughts are parching Russia, the Ukraine and Europe and snow in the U.S. and Canada also are cutting into supplies as the global economy claws back from a deep recession.
"There is not one crop you can point to that is without supply problems," Steve Nicholson, a commodity procurement specialist at International Food Products Corp. in St. Louis, told the news service. "Production is not keeping up with demand, exacerbating the global food crisis."
Shortly after 2 p.m. on Wednesday, corn futures were up 3.78 percent, a 0.255 cent increase to $6.9925 per bushel. Wheat futures were up 1.52 percent, a 1.325 cent increase to $8.875 per bushel. Soybean futures were up 1.41 percent, a 2.025 cent increase to $14.545 per bushel.
Corn struck its record high of $7.9925 per bushel on June 27, 2008. Soybeans notched its record high of $16.3675 per bushel on July 3, 2008. And wheat struck its top price of $13.495 per bushel on February 27, 2008.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: TAS Live Room FREE VIP Pass
Enjoy interactive training on Market Profile®, volume analysis & the TAS Tools indicator package!
Daniels Trading is rolling out the red carpet for you. With your complimentary VIP Pass, you’ll enjoy access to the popular TAS Live Room. Your VIP Pass provides admittance to the next Tuesday morning live training session (8:30am-10:30am CT, Chicago).
Special Offer
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.






