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Corn closes 15¢ higher

Updated: 05/16/2011 @ 2:13pm

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. 

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