Corn, soybean prices turn up
DES MOINES, Iowa (Agriculture.com)--After starting lower, the CME Group farm markets have turned higher Thursday.
At mid-session, the July futures corn contract is trading 5 cents higher at $6.64. New-crop Dec. futures are trading 1 cent higher at $5.31. The July soybean futures contract is trading 22 cents higher at $15.16, new-crop Nov. soybeans are trading 1 cent lower at $12.37. July wheat futures are trading 13 cents higher at $7.01 per bushel. The July soymeal futures are trading $5.30 per short ton higher at $445.90. The July soyoil futures are trading $0.06 lower at $49.58.
In the outside markets, the NYMEX crude oil is $1.32 per barrel lower, the dollar is lower and the Dow Jones Industrials are 16 points higher.
Jack Scoville, PRICE Futures Group vice-president, says big bull spreads are back and supporting prices.
"Ethanol demand for corn is supportive, but not sure on the beans," Scoville says. But very little offer for both. Basis seems stable for beans and firm for corn. I think it is a squeeze in the nearby, we need the cash market to loosen up. The bear spreading is over now! Wheat up now on good export sales and were the big upside leaders overnight on weather," he says.
It's still hot and dusty in the Great Plains. It is an impressive trading day, he says. "A weaker dollar helps everything. I think funds are the main buyers, my little guys got out of some longs but no one really wants to sell short. Next week might be different but that seems to be the attitude today."