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Corn, soybeans close higher

Updated: 07/11/2013 @ 2:00pm

DES MOINES, Iowa (Agriculture.com)--After starting higher then turning lower, the CME Group's corn, soybean, markets finished higher Thursday. Weather concerns and little changed USDA/WASDE data pushed the prices higher. 

The Sept. futures corn contract settled 7 cents higher at $5.60. New-crop Dec. corn futures closed 5 cents higher at $5.27. The Aug. soybean futures contract ended 7 cents higher at $14.72, new-crop Nov. soybeans ended 6 cents higher at $12.90.  Sept. wheat futures settled 4 cents higher at $6.83 per bushel. The Aug. soymeal futures finished $8.30 short ton higher at $458.00. The Aug. soyoil futures closed $0.49 lower at $46.53.

In the outside markets, the NYMEX crude oil is $1.74 per barrel lower, the dollar is lower and the Dow Jones Industrials are 169 points higher.

On Thursday, the USDA made little changes to the U.S. 2013 corn and soybean yield estimates. That proved bearish for the markets, initially. 

Ken Smithmier, The Hightower Report analyst, says the new crop data was considered bearish for corn and soybeans but an uncertain weather outlook, delayed growth and thoughts that prevent plant acreage is much higher than market expectations should result in support on dips in the market. 

"The old crop supply and demand situation for soybeans remains bullish. In respect to corn, until the weather clears up in the western Corn Belt and the production outlook is more defined, we would expect the December corn low of $4.90 to hold, particularly since world buyers see current price levels as attractive," Smithmier says. 

Smithmier adds, "There is simply nothing bearish in the US or world wheat market, given that world production levels have topped out and the market will need to add in risk premium until more is known about the potential supply in the southern hemisphere. The Chinese will continue to buy wheat." 

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