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Corn closes near 'limit up'

Updated: 05/18/2011 @ 3:08pm

CHICAGO, Illinois (Agriculture.com)--The CME Group grain and soybean markets closed sharply higher Wednesday, with corn prices nearing a 'limit' up 30¢ trading session.

The July corn futures settled 29 1/4 cents higher at $7.49 3/4. The July soybean contract settled 38 1/2 cents higher at $13.79 1/2. The July wheat futures closed 53 cents higher at $8.17. The July soybean meal futures closed $10.60 per short ton higher at $361.00. July soyoil settled $1.26 higher at $57.30.

In the outside markets, the NYMEX crude oil is $2.84 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 80 points.

Joe Bedore, FC Stone's CME Group floor manager, says a firm cash market and planting delays are helping the corn market rally.

"With a cash market that is firm it's telling the market that end-users are having a hard time finding an offer. If you have corn you are golden," Bedore says. That scenario is keeping the July futures contract strong."

With nearly no planting progress in Ohio and little in Indiana and North Dakota, the market is feeding off of that slower pace, he says. "If it stays wet, next week, that pushes those farmers up against their insurance dates."

Longterm, the market is eyeing how much corn Iowa and Illinois plant, Bedore says. "Because, if Iowa goes above its expected acres and gets a bumper yield, maybe the losses in Ohio and Indiana won't matter."


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