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Corn closes higher

Updated: 06/06/2013 @ 1:55pm

DES MOINES, Iowa (Agriculture.com)--New-crop contracts maintained their strength to close higher Thursday. Meanwhile, the old-crop soybean market finished lower.

The the July futures corn contract settled 3 cents higher at $6.63. New-crop Dec. futures finished 6 cents higher at $5.48. The July soybean futures contract ended 5 cents lower at $15.27, new-crop Nov. soybeans finished 6 cents higher at $13.05. July wheat futures finished 4 cents lower at $6.97 per bushel. The July soymeal futures settled $1.90 per short ton lower at $454.00. The July soyoil futures closed $0.14 lower at $48.16.
In the outside markets, the NYMEX crude oil is $0.95 per barrel higher, the dollar is lower and the Dow Jones Industrials are 6 points lower.

Jack Scoville, PRICE Futures Group analyst, says the farm markets relied on the 'outside' markets for direction.

"Been a weird day and I am not sure exactly what the story is.  I think a lot of the price action is related to the outside markets more than anything that has to do with corn, wheat and soybeans," Scoville says.

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