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Corn Hits Seven-Month High

Updated: 03/31/2014 @ 3:22pm

DES MOINES, Iowa (Agriculture.com)--After a USDA Report that shows less corn, more soybean acreage for 2014, today's CME Group nearby futures markets closed higher.

The May corn futures contract settled 10 cents higher at $5.02. The Dec. corn futures finished 11 cents higher at $4.98. The May soybean futures contract is 27 1/2 cents higher at $14.64. The Nov. soybean futures finished 3 1/4 cents lower at $11.87. May wheat futures settled 1 3/4 cents higher at $6.97 per bushel. The May soymeal futures contract closed $10.90 per short ton higher at $479.30. The May soyoil futures closed $0.06 lower at $40.42.

In the outside markets, the Brent crude oil is $0.05 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 140 points higher.

Discuss the USDA Reports in Marketing Talk.

Sal Gilbertie, Teucrium Trading, says Monday's USDA Stocks and Planting estimates for corn, soybeans, and wheat varied very little from average trade estimates prior to the report, although official confirmation of the relatively large drop in estimated plantings for corn acres seemed to affect corn prices positively. 

"Uncertainty around the condition of the winter wheat crop continues to lend support to the markets, while the large increase in planted acres for soybeans seems to be offsetting ongoing concerns regarding extreme tightness in old-crop beans," Gilbertie says.

Attention will now turn entirely to weather conditions that may affect both spring planting in the Northern Hemisphere and harvest in the Southern Hemisphere, he says. 

"The continued concerns regarding drought conditions in the prime winter wheat areas of the United States along with increasing concerns about low soil temperatures in the northern central Corn Belt will likely influence prices and promote continued uncertainty for all 2014 major grain crops through late spring."

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