Most commodity futures brokers and traders appear to be betting that tomorrow's report from the United States Department of Agriculture will show a decline in U.S. corn production and in global wheat inventories.
Commodity investors are "not looking for a lot of changes in wheat, but they are looking for big changes in corn, and that will affect wheat," Mike Zuzolo, the president of Global Commodity Analytics and Consulting, told Bloomberg News on Monday.
There's trouble on the other side of the Pacific as well. While Chinese production of corn is rising – about 7.3 percent this year, according to a survey of farmers reported by the news service – demand is rising even faster, putting pressure on the country's supplies and forcing it to import grain.
"China will not have a surplus of corn to fall back on this year because demand is growing faster than production," David Smoldt, the vice president of FCStone Group, told Bloomberg.
December corn futures rose 2 and 3/4 cents to 590 and 1/2 cents per bushel just after 1 p.m. EST, while wheat futures for December delivery gained 6 and 1/2 cents to 735 and 1/4 cents per bushel.
The rising price of grain also helped put some bullish fuel under cattle and hogs futures, which both gained about 0.7 cents in today's trading.
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