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Rumors move markets, especially the commodity markets. The story of the day is a rumor that corn yields will be lower than forecast. The United States Department of Agriculture (USDA) originally forecast corn yields to be 165 bushels per acre. However, with the weather being hotter and drier east of the Mississippi, yields could come in lower, as reported by the Associated Press.
That sparked a rally in corn futures with the December contract up 17 cents to $4.64 per bushel (each one cent equals $50). Wheat prices are benefiting from the drought in Russia and Russia's export ban. December wheat futures shot up 27.5 cents to $7.41 per bushel. Soybeans also were higher by 26 cents to $10.35 per bushel for the November contract.
Oil futures were down with the October contract down 42 cents to $74.50 per barrel.
Metals were mostly higher, except gold, which slipped $2.30 to $1,251.10 per ounce. Silver was up 27.7 cents to $19.94 cents per ounce. September palladium was up $5.50 to $529.05 per ounce and October platinum rose $9.60 to $1,561.10 per ounce.
Over the past two weeks the U.S. dollar has been weaker, thus pushing commodities higher, as well as the stock market. The grain rally will surely bring higher prices for grain products in the supermarket.
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