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Chicago grains up amid positive demand prospects

08-16-2012 08:19 BJT

CHICAGO, Aug. 15 (Xinhua) -- Chicago corn, wheat and soybeans futures all broke losing streaks and rose in trading Wednesday, as ideas of greater U.S. crop demand overrode the negative outside market force of a higher dollar.

The most active corn contract for December delivery rose 15 cents, or 1.9 percent, to close at 8.04 dollars per bushel. December wheat gained eight cents, or 0.93 percent, to settle at 8. 6625 dollars per bushel. November soybeans sharply rose 36.5 cents, or 2.28 percent, to close at 16.345 dollars per bushel.

Corn once again settled above eight dollars a bushel, as positive ethanol production numbers cheered traders. For the week ending Aug. 10, ethanol production averaged 819,000 barrels per day, which represented a total use of 87.2 million bushels of corn. That marked the third consecutive week of increased corn usage in ethanol production.

The ethanol production data encouraged traders who had previously worried over the demand for the U.S. corn crop, as the South American and Ukraine corn crops currently have cheaper prices.

Wheat also took support from ideas of increased demand for the U.S. crop. In its last report, the U.S. Department of Agriculture revised its estimate for Russian wheat production to 43 million tons, down from the 49 million tons estimated in the July report. Hot and dry weather conditions in Australia could also support the U.S. wheat crop.

Traders additionally see soybeans as having strong demand, as weather conditions have reduced much of the South American soybean crop. July U.S. soybean production was also noted Tuesday by the National Oilseed Processors Association as having increased from the June crush.



Editor:James |Source: Xinhua

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