Grain Futures Rise as Corrective Buying Takes Hold
Corn and wheat futures rose on corrective buying overnight, while soybeans saw modest selling pressure. According to Pro Farmer's Ahead of the Open report, corn bulls are looking to hold prices above $5.00, with a key psychological support level at this mark.
The U.S. dollar index is around 350 points higher, and front-month crude oil futures are modestly higher. Western Corn Belt producers will be glad to see a historically wet September in the rearview mirror, as October appears likely to bring drying conditions that should provide a better harvest environment.
Drew Lerner of World Weather Inc. noted that Iowa has been at the center of concern due to excessive moisture, but October promises to squelch some of the rain and provide a timely break from wet biased conditions across the Great Plains and western Midwest.