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The CME Group grain prices close sharply higher

Updated: 07/28/2010 @ 1:41pm

CHICAGO, Illinois (Agriculture.com)--A Russian drought, severely hurting that country's wheat output, helped the CME Group grain markets close sharply higher Wednesday.

The Dec corn futures closed 13 3/4 cents higher at $3.90 3/4. The Nov. soybean contract ended 12 1/2 cents higher at $9.78. The Sep. wheat futures settled 20 1/2 cents higher at $6.15 1/2. Dec. soybean meal futures closed $5.90 higher at $284.50 per short ton. Dec. soyoil futures closed 28 points higher at 39.57.

In the outside markets, the NYMEX crude oil is $0.53 lower per barrel, the dollar is lower, and the Dow Jones Industrials are down 36 points.

Traders say wheat is leading a sharp rally. Due to a drought in the Black Sea region, the question becomes will this shift business to the U.S.?

Tim Hannagan, PFGBest.com senior analyst, says the rally is mostly about Russia's drought. "In part Russian, but the European Union nations which comprise of 27 grain-producing nations are in the grips of drought-like conditions. This, collectively, has wheat shorts bailing and specs buying corn and beans in follow-through mode."

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