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Weather Among Factors in Grain Price Increase
Posted By News On October 24, 2009 @ 6:27 am In Today’s Local News | Comments Disabled
Grain prices have made a mini-rally this past week, with October-November delivery corn climbing closer to $4 a bushel, and soybeans up to around $9.65 a bushel. According to financial experts, the wet, cloudy weather has had a lot to do with the slightly sunnier outlook for producers looking to sell.
David Greving, Vice President and Ag Loan Specialist at Marion County Bank in Pella tells KNIA/KRLS News a delayed harvest has increased demand from buyers with short-term needs who normally plan on abundant supply. He says there’s also been a trend amongst mutual fund advisors that commodities are a wise buy at this time.
Leslie Miller, Vice President and Ag Loan Officer for Iowa State Savings Bank in Knoxville adds that the decreased value of the dollar and higher crude oil prices – which increases the demand for ethanol – have also attributed to the increase in grain commodity prices. Miller says farmers should focus on marketing their crops for next year, and continue to watch the markets for an opportune time to sell.
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