Corn Leads Grain Markets to Limit Highs
Oct 08, 2010
Lower-than-anticipated corn yields in today's USDA crop production and supply and demand reports triggered limit-high trading in grain markets today, according to traders. Kansas City wheat futures gapped higher on the opening, traded to the 60-cent limit high, then backed slightly off of the highs by midday. The USDA is estimating corn yields at 155.8 bushels per acre, below average guesses of 160 bushels per acre, traders said. Total corn production is now estimated at 12.664 billion bushels, below average guesses of 12.95 billion bushels. Corn ending stocks are also the lowest in years, now estimated at 902 million bushels, traders added. U.S. wheat carryout also came in below average guesses, now estimated at 853 million bushels.
KC Dec wheat was 53 1/2 cents higher at $7.53 at midday.
CASH GRAIN: The basis feels steady today, according to traders.
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