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Corn closes sharply higher

Updated: 09/02/2011 @ 2:11pm

DES MOINES, Iowa (Agriculture.com)--Finishing just as it started, the CME Group corn market ended Friday's trading session on a rally Friday on crop concerns.

The Dec. corn futures settled 21 1/2 cents higher at $7.60. The Nov. soybean contract closed 11 1/4 cents higher at $14.45 3/4. The Dec. wheat futures ended 14 1/2 cents higher at $7.75 1/2. The Dec. soymeal futures settled $1.50 per short ton higher at $385.00. The Dec. soyoil futures settled $0.03 higher at $58.26.

In the outside markets, the NYMEX crude oil is $2.35 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 266 points.

Jack Scoville, PRICE Futures Group vice-president, says the trading floor leader is corn. "The only things I am hearing are the same things everyone else has heard, namely the FC Stone crop estimates came in bullish Thursday," Scoville says.

FC Stone released crop estimates Thursday. For corn, the firm's U.S. yield is estimated at 146.3 bu./acre and a crop size of 12.35 billion bushels. For soybeans, the nation's yield was estimated of 41.05 bu./acre and a crop of 3.03 billion bushel.

Meanwhile, demand news is quiet and no one expects that to change, Scoville says.  

"Weather is better for beans with these rains up in southern Minnesota and Iowa this morning. And the rains are moving eastward. Cooler weather is following the rain event, which is favorable too.  So, I am a little surprised we are rallying quite this much. I am not chasing it higher. I would rather sell the rally I guess," Scoville says. 

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