Corn, soybean close higher
CHICAGO, Illinois (Agriculture.com)--The May futures corn contract closed 7 cents higher at $7.11. The May soybean futures contract finished 8 cents higher at $14.79. May wheat futures settled 3 cents higher at $7.00 per bushel. The May soyoil futures contract finished $0.10 higher at $50.44. The May soymeal futures settled $2.80 per short ton higher at $438.00.
In the outside markets, the NYMEX crude oil is $0.10 per barrel lower, the dollar is lower and the Dow Jones Industrials are 50 points higher.
Jack Scoville, PRICE Futures Group vice-president, says the markets rallied on more logistical problems in Brazil and the fact that Argentine farmers would rather hold on to grain and soybeans and not sell for pesos or whatever the currency is there.
"Out cash markets remain tight and no one in South America is selling anything. So, we keep getting what business is out there. Other than that I see no super good reason to rally. But, until the exports start flowing from the south, the situation here will remain very tight and the down side will be very limited. Once that changes we can see lower prices for sure," Scoville says.