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Rising Prices for Cattle, Corn & Wheat

June 8, 2010 at 20:29 by Vladimir Vyun

Corn gained today after the yesterday’s government report showed that the condition of the U.S. crop worsened. About 5 percent of the corn crop was rated from poor to very poor. July futures for corn delivery gained $0.0075 (0.2 percent) to $3.365 per bushel by 9:56 on the Chicago Board of Trade.

Wheat prices went up on speculation that rains will slow the harvest. By June 6th farmers harvested around 3 percent of the crop, which is 6 percent lower than the five-year average for this period. July futures for wheat delivery advanced $0.0225 (0.5 percent) to $4.3450 per bushel as of 10:15 on CBoT.

Cattle futures advanced on speculation that the price, which fell to the lowest level in five months, will boost demand. The weaker dollar also increased the demand, making the U.S. meat exports cheaper. August futures for cattle delivery went up $0.002 (0.2 percent) to $0.87925 per pound by 12:12 p.m. on CME.

If you have any questions and comments on the commodities today, use the form below to reply.

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