By Top Crop Manager
Aug. 4, 2009 – At least three days of substantial gains were followed today by a slight dip in commodity prices on the Chicago Board of Trade, with oats showing four straight days of gains.
Aug. 4, 2009 – At mid-week last week, corn, wheat, soybeans and oats were solid performers on the Chicago Board of Trade. However, from Thursday through Monday's close, all four gained substantially with soybeans gaining more than a $1.00(US) for November delivery.
Prior to Tuesday's opening, corn stood at $3.58, wheat was $5.49 and a quarter cent while soybeans were sitting well above $10.00 per bushel at 10.305. Even oats were posting substantial gains picking up more than 20 cents a bushel from mid-week at $2.2525.
But today's numbers are down slightly in all but oats, with September corn down 2.75 cents to $3.5525, wheat showing a 6.25 cent drop to $5.43 and soybeans falling to $10.27, down just 3.50 cents. Oats was the lone gain of the four, picking up another three-quarters of a cent to sit at $2.26 per bushel.
The drop for corn prices follows an overnight report on corn, stating that 76 percent of the US crop is faring well, if not slightly behind the five-year average for development. Soybeans are also reported to be in good shape, with a similar 76 percent rating on plants at flower, which is where they were at this time last year, albeit 10 percent lower than the five year average.