Corn and Soybean Commodities See Rise Due to WheatTue, 03 Aug 2010 17:07:19 CDT
Corn and soybean prices rose in July - lifted in the final week by a bullish global outlook for wheat on news of severe drought in Russia. President of U.S. Commodities in West Des Moines Don Roose says all grains are being boosted by wheat. He says the wheat-to-corn premium is growing - helping corn prices - and soybeans are now coming along as well.
USDA has reduced the amount of surplus and increased demand - particularly for cattle feed - for corn. Large Brazilian soybean crops were thought to be threats to U.S. sales to China - but China has kept up its purchases of U.S. soybeans at the same rate as in the 2009 record year.
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