June 26, 2008

US and EU grains slightly higher prior to USDA crop report

The US and EU grain futures were slightly higher on Wednesday (June 25, 2008), ahead of the USDA 2008 crop report for release on Monday.

The report will detail the damage caused by the worst floods in the US Midwest in 15 years.

July corn was 3-1/4 cents per bushel higher by 5:30 a.m. EDT at US$7.15-3/4 a bushel, while July soy was up 12 cents, or 0.8 percent, to US$15.13.

Soy rebounded from earlier losses in Asian trade due to forecast of another rainfall later this week in the Midwest.

The July wheat contract was up 0.9 percent at US$8.77-3/4 a bushel, supported by a rise on other markets and before results of Egypt's tender for 55,000 to 60,000 tonnes of optional-origin wheat for shipment July 20-31.

In Paris, Euronext milling wheat futures were slightly higher with benchmark November EUR0.5 or 0.25 percent up at EUR203.75 a tonne with 313 lots traded.

US$1 = EUR0.638 as of June 26, 2008