Soybeans, Corn Jump to Two-Year Highs as Smaller Supply Seen; Wheat Gains
By Steve Stroth - Nov 9, 2010 7:44 AM PT
Soybean and corn prices jumped to the highest levels in more than two years and wheat advanced after the U.S. government forecast smaller supplies than expected last month.
Soybean futures for January delivery rose 47.25 cents, or 3.7 percent, to $13.22 a bushel at 9:41 a.m. on the Chicago Board of Trade. Earlier, the price gained the exchange limit of 70 cents to $13.4475, the highest level for a most-active contract since Aug. 28, 2008.
Corn futures for March delivery rose 9.25 cents, or 1.5 percent, to $6.085 a bushel on the CBOT, after touching $6.175, the highest level since Aug. 25, 2008. Wheat futures for December delivery advanced 13.25 cents, or 1.8 percent, to $7.495 a bushel in Chicago, after touching $7.6075, the highest price for a most-active contract since Aug. 12.
