Corn, soy close up double digits
Strong fundamentals and outside market support helped the CME Group corn and soybean prices close up double-digits Tuesday.
The March corn futures settled 12 cents higher at $6.58 1/2. The March soybean contract finished 19 3/4 cents higher at $12.27 1/2. The March wheat futures closed 4 1/4 cents higher at $6.57. The March soymeal futures closed $6.10 per short ton higher at $319.20. The March soyoil futures closed $0.69 higher at $53.11.
In the outside markets, the NYMEX crude oil is $3.85 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 216 points.In the outside markets, the NYMEX crude oil is $3.43 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 214 points.
Jack Scoville, PRICE Futures Group vice president, says the higher markets are a reflection of South America's weather.
"Disappointing rains in southern Brazil and Argentina over the weekend, along with light rains at best for both in the coming week to 10 days are the fundamentals for today," he says.
Specs seem to want stocks and commodities as well, as most markets are up and up kind of big today, he says.
"I guess the macro news is good, too! So lots of spec buying along with very little selling interest yet from specs or producers. A nice way to leave 2011 behind," Scoville says.