Market information shows overnight change
Soybean prices have benefitted from shifts on the CBoT, amid gains in oil prices following two days of declining values. The change in the price of a barrel of oil comes as a result of renewed tension in the Middle East.
July 9, 2008 By AgWeb.com/Farm Journal
July 9, 2008
Corn, beans part ways. Soybean futures found support from a rise in oil prices while corn futures continued to feel pressure from crop-favorable weather forecasts. Corn was down 7 1/2 to 10 cents while soybeans rose 5 1/2 to 12 cents, with wheat mixed — down 2 1/2 cents to up 1/2.
Oil market roiled by uncertainty. After two days of declines, oil futures reversed course overnight and headed back higher as Iran injected uncertainty back into the market. Their reported missile test was enough to spook traders and send crude back higher, helping soybeans to gain ground overnight while corn declined.
More energy on energy prices? Senate Democrats Tuesday signaled they might be open to "drilling and responsible production" of oil from coastal waters. But they also want conditions on any such exploration. Sen. Kent Conrad (D-N.D.) says oil prices were the top issue he heard from constituents over the July 4th holiday. Jim Wiesemeyer explores the oil situation and what lawmakers might do — or talk about doing — in his Inside Washington Today dispatch found on the Pro Farmer page.
More to be food 'insecure' (hungry). USDA's annual assessment of food insecurity says that the food distribution gap in the world is estimated at about 44 million tons for 2007. By 2017, the distribution gap is projected to increase to more than 57 million tons. USDA says "This is more than 7 times the amount of food aid received by these 70 countries in 2006."