NORMAL – It was a good day for the grain markets Monday as soybeans led the way.
January soybeans were up 26.5 with March corn and December wheat also up. Pete Manhart of Bates Commodities in Normal says there are a few reasons for the price increases.
“98 million (bushels) of beans were loaded last week. That’s 2.66 million metric tons. Corn and wheat weren’t as good but they did get drug along by the beans today.”
Crude oil was also higher which helped support the prices. Going forward, corn and soybean prices will depend on what we are using and what is available. The world has plenty of supplies but the usage is really good. Manhart also notes soybeans are typically higher around Thanksgiving.
Bates Commodities can be reached in Normal at 800-779-1515 or at www.batescom.net.