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Corn, soybeans close sharply higher

Updated: 06/06/2012 @ 1:38pm

DES MOINES, Iowa (Agriculture.com)--With favorable outside markets and crop-stressing weather seen prevailing in the Midwest, the CME Group corn, soybeans and wheat markets settled sharply higher Wednesday.

The July corn futures settled 16 1/2 cents higher at $5.83 1/4, while the Dec. contract ended 8 1/4 cents higher at $5.16. The July soybean contract closed 36 cents higher $13.85, while the Nov. 2012 contract settled 22 cents higher at $12.99 3/4. The new-crop soybean contract reached a high of $13.06. The July wheat futures settled 8 cents higher at $6.21 1/2. July soyoil futures closed $0.80 higher at $49.30. The July soymeal futures finished $15.20 per short ton higher at $415.20. 
In the outside markets, the NYMEX crude oil is $1.05 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 213 points.

Matt Connelly, an independent CME Group floor trader says the market hasn't completely built in crop-stressing weather. "In my opinion, the market has no weather risk built in at all.  To me, a 160-165 bushel per acre corn yield would drive futures down to $4.25-$4.50 area. On the flip side, a 150 yield or lower could send prices to $6.50-plus. Also, the Chinese weather has been hot/dry. Meanwhile, the European debt issues have the market spooked," Connelly says.

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