With a crucial U.S. Department of Agriculture report looming tomorrow morning, corn prices have shot up unexpectedly by 34 cents per bushel this morning on the Chicago Board of Trade to $6.39 per bushel for the December contract.
Soybeans are up 48 cents per bushel to $12.26.
from Agrimoney:
Grain prices spiked after Russia revived plans for grain export duties amid fears that its surging pace of shipments would deplete inventories.
Viktor
Zubkov, the Russian deputy prime minister who in June voiced proposals
for a levy, said on Tuesday that the government was considering reviving
the plan to prevent its grain stocks falling below 15m-16m tonnes.
While
Russia has seen a sharp revival in its grains production from last
year's drought-affected levels of 61m tonnes - with Mr Zubkov pegging
the harvest at 90m-92m tonnes and Prime Minister Vladimir Putin last
week estimating the crop at 95m tonnes – keen prices have seen a surge
in supplies leaving the country.
