Corn, beans close 20¢ higher
DES MOINES, Iowa (Agriculture.com)--Rolling of contracts, planting weather concerns, and tight supply worries all combined to help the CME Group corn, soybean and wheat markets close higher Monday.
The July futures corn contract closed 19 cents higher at $6.55. New-crop Dec. futures trade 9 cents higher at $5.39. The July soybean futures contract finished 20 cents higher at $14.19, new-crop Nov. soybeans settled 4 cents higher at $12.09. July wheat futures ended 5 cents higher at $7.09 per bushel. The July soymeal futures finished $8.30 per short ton higher at $415.10. The July soyoil futures ended $0.38 higher at $49.61.
In the outside markets, the NYMEX crude oil is $0.55 per barrel lower, the dollar is higher and the Dow Jones Industrials are 45 points lower.
Alan Brugler, President of Brugler Marketing & Management LLC, says the corn rally is mostly old crop, tied to short squeeze in May. "The last few May longs are rolling out to July. Dec getting a little help from planting delay concerns, with 6-10 day forecast implying shutdown in much of IA/IL/WI/ this weekend. The stronger $ is mostly being ignored. Looking for corn planting progress in the 30-35% range, and soybeans at 7-10%," he says.