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Corn, soy close higher

Updated: 08/03/2012 @ 2:37pm

DES MOINES, Iowa (Agriculture.com)--The outside markets, lack  of rain and lower crop estimates help the CME Group corn, soybean and wheat markets finish higher Friday.

The Sep. corn contract settled 16 cents higher at $8.10, while the Dec. futures corn contract closed 11 3/4 cents higher at $8.07 1/2. The August soybean contract finished 3 1/4 cents higher $16.56 1/4, Nov. soybean futures closed 12 1/4 cents higher at $16.28 3/4. Aug. soyoil futures trade $0.50 higher at $52.04. The Aug. soymeal futures are trading $7.90 higher at $531.60. 
In the outside markets, the NYMEX crude oil is $3.71 per barrel higher, the dollar is lower and the Dow Jones Industrials are 207 points higher.

Jack Scoville, PRICE Futures Group vice president, says the markets are up on the weaker US Dollar and due to the low production estimates being released Friday.

"Wheat has been the leader, and Chicago Dec found stops above 900 to take it to its highs. Pretty impressive market action, but the fundamentals of low production still support high prices.  There has been some small farm selling on the rally here and in South America.  Most of the buying seems spec to me," Scoville says. 

There has been very little demand news Friday, he says. 

"However, Darrell Good, University of Illinois economist, is talking about ethanol demand remaining high. That is helping demand ideas, as it runs against the conventional trade thoughts.  But, I agree with his analysis, the prices are high enough to keep crushing either way.  We are exporting the stuff, after all. So, the mandate might not change much, especially if a storm does in fact impact production of crude etc., next week.  

Prices up sharply in petroleum area today, on the storm ideas and maybe on ideas someone might bomb Iran, he says.

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