Finishing on all-time highs, the CME Group corn and soybean markets used the support of continued heat stress, fresh soybean demand and favorable outside markets Thursday. Corn futures settled mixed. 

The Sep. corn futures closed 12 3/4 cents higher at an all-time settlement high of $8.07 3/4, while the Dec. contract finished 5 3/4 cents lower at $7.78 1/2. The August soybean contract settled 50 1/4 cents higher at an all-time high of $17.33 1/4, while the Nov. 2012 contract ended 29 3/4 cents higher at $16.49 3/4. The Sep. wheat futures settled 31 3/4 cents higher at $9.35. Aug. soyoil futures settled $0.39 higher at $54.40. The Aug. soymeal futures finished $18.00 higher at $532.00. 
In the outside markets, the NYMEX crude oil is $2.78 per barrel higher, the dollar is higher and the Dow Jones Industrials are 30 points higher.

Jack Scoville, PRICE Futures Group vice-president, says there are multiple factors driving these markets higher. "There is a lot of Brazil selling in back months, the UK purchasing U.S. soybeans is a big deal, more than they buy in a year. So, that supports the nearby contracts.  Overall, I think buyers are starting to reach for coverage either way, with specs on both sides. I have not seen farmers doing much but they are watching it hard," Scoville says.

Terry Roggensack, The Hightower Report co-owner, says Thursday's farm markets are well supported. "The rally is backed by the 30-day weather outlook, and more importantly the seven-day forecast. Neither seem crop-favorable."

Roggensack points out that Friday’s temp map looks to see expanding 100’s from Texas to the Dakota’s and several days of 100’s for Nebraska, parts of Iowa, parts of South Dakota. "All non-irrigated corn and soybeans in these area’s are under the gun for permanent yield damage," Roggensack says. 

"Even before this blast, soybean yield estimates are down to 37-38 and corn down to 134-137. 

By this time next week, yield estimates could be 35-36 and 128-130, Roggensack says."