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A sharply higher close for corn, soy

Updated: 10/12/2010 @ 1:59pm

CHICAGO, Illinois (Agriculture.com)--After trimming large opening gains, the CME Group corn and soybean markets close sharply higher Tuesday.

The Dec corn futures settled 23 1/4 cents higher at $5.79. The Nov. soybean contract closed 26 cents higher at $11.78 1/2. The Dec. wheat futures settled 3/4 of a cent higher at $7.10.  The Dec. soyoil futures ended 60 points higher at $46.95. The Dec. soymeal futures contract finished $0.60 higher at $333.10 per short ton.

In the outside markets, the NYMEX crude oil is $0.53 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 1 point.

Tim Hannagan, PFGBest.com senior grain analyst, says prices still have plenty of support. "Beans were up 24 cents at the high on the overnight before closing up 8 on further talk of planting delays in number two world producer exporter of beans, Brazil. 

Hannagan adds, "Our weekly export inspection report, released just after the open, showed 37.9 million bushels of beans were inspected by the USDA for near-term shipment. This is up from 26 m.b. the week prior,  with key world buyer China in for 40% of the total. China wants to book insurance against drought, as planting in Brazil continues into November."

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