It was a great week for prices, with closes near their high for the week in several cases. Nearby wheat led the charge, ending the week 49¢ above last week. December wheat was up almost 44¢. Corn was up more than 29¢ in both September and December futures. Soybeans finished up 10¢ in November and 4.5¢ in September.
Russia’s announcement yesterday to extend its ban on grain exports until after its 2011 harvest was the primary driver, causing strong export demand to shift to the United States and the United Kingdom. A weaker dollar also added support.
December corn pushed through major highs established in late 2009 and early 2010 to trade at its highest level in more than a year. Traders credited wheat’s surge combined with a lower dollar and stop loss selling near the December 2009 and January 2010 highs for the corn market’s rise.