Home / Markets / Markets Analysis / Corn market / Corn closes 15¢ higher

Corn closes 15¢ higher

05/16/2011 @ 9:39am

CHICAGO, Illinois (Agriculture.com)--Planting weather gets the CME Group corn market off to a fast start Monday.

The July corn futures settled 15 1/2 cents higher at $6.97 1/2. The July soybean contract closed 3 cents lower at $13.26 1/2. The July wheat futures settled 8 3/4 cents higher at $7.36 1/2. The July soybean meal futures closed $0.30 per short ton higher at $345.70. The July soyoil futures ended $0.23 lower at $55.91.

In the outside markets, the NYMEX crude oil is $2.50 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 21 points.

Jack Scoville, PRICE Futures Group vice-president, says the wet weather that continues to delay planting is supporting the corn market.

"It is mostly weather which is bad here for corn. And bad wheat weather both here and around the world.  All that keeps the beans sold on rallies, on crop switching ideas.

Meanwhile, there is still no confirmation that China bought any U.S. corn, as rumored last week, he says. However, there is too much smoke around to ignore. So, I am sure there is a fire there, too,  which is to say they bought something," Scoville says. 

CancelPost Comment

End of an Era for Corn, Soybean Futures:… By: 07/02/2015 @ 9:41am This Monday, the history of corn and soybean markets will change. After being traded on the floor…

Grains, Soybeans Mixed to Close Thursday By: 07/02/2015 @ 8:56am Grains and soybeans were mixed to close the day Thursday. At the open, the September corn…

Corn, Soybean Markets to Edge Higher By: 07/02/2015 @ 6:54am On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start mostly…

This container should display a .swf file. If not, you may need to upgrade your Flash player.
Cover Crops-Wildlife Diversity