(Resource News International) –– Both corn and soybeans saw stronger trading on the Chicago Board of Trade for the week ending Sept. 1, as demand for both commodities is high at the moment.
Soybeans saw bullish pressure thanks to demand from China, as well as concerns over yield production in the U.S. the past week.
Soybean future prices for the week were up anywhere from US$4.50 to US$12.25 per bushel.
Corn futures on the CBOT platform hit 14-month highs during the week ending Sep. 1, thanks to low yield expectations across much of the U.S.
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Corn prices were increased anywhere from US$21.50 to US$27.50 throughout the week.
Tim Hannagan, head grain analyst with PFG Best in Chicago, said he expects to see the corn and soybean markets strengthen ahead of the U.S. Department of Agriculture’s crop production report due out Sept. 10.
“Corn and soybean prices will trade higher into that report, especially when we come back on the Tuesday after the holiday Monday (Labour Day),” Hannagan said.
“The fear is that the government report next Friday will raise sharply export projections for all feed grain.”
There is a lot of worry in the market right now, he said, with many areas across the world experiencing harsh weather conditions.
“The fear in the market right now is the production problems in foreign ports, such as the Russian drought and the Pakistan flood. There is a lot of lost grain that is out there,” he said.
