Wheat Soybean futures prices august 22 2011 ; Soybean futures are trading higher at midsession. Outside market strength and ideas that USDA will lower crop condition ratings in the Crop Progress report this afternoon. Traders are looking for a small decline in the ratings as weekend rainfall missed some areas of the central Midwest. Futures have rallied to the highest level since late July. September is 11 3/4 cents higher at $13.71 1/2 and November is 11 1/4 cents higher at $13.79 3/4.
Wheat futures are higher at midday. The rally at the MGE is leading the way on reports of low yields during the spring wheat harvest. There remains concern in the HRW wheat belt about dry conditions ahead of seeding this fall. Outside markets are providing support to most commodity market as the stock market is higher this morning. Globally, recent heavy rain is a concern for the quality of the wheat crop in Germany. CBOT September is 4 cents higher at $7.34 3/4, KCBT September is 3 cents higher at $8.22 and MGE September is 14 3/4 cents higher at $9.60.
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