Home / Markets / Markets Analysis / Corn market / Corn, wheat close sharply higher

Corn, wheat close sharply higher

07/12/2011 @ 9:38am

CHICAGO, Illinois (Agriculture.com)--The CME Group corn and wheat markets closed sharply higher on Tuesday's friendly USDA Supply/Demand WASDE Reports that show the U.S. 2010-11 corn ending stocks tightening to 15-year lows. 

The Dec. corn futures settled 25 1/4 cents higher at $6.58. The Nov. soybean contract closed 11 1/4 cents higher at $13.58 1/4. The Sep. wheat futures settled 32 3/4 cents higher at $6.72. The Dec. soybean meal futures contract closed $3.20 per short ton higher at $354.90 and Dec. soyoil futures settled $0.60 higher at $57.32.

In the outside markets, the NYMEX crude oil is $2.14 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 6 points.

Joe Bedore, FC Stone Inc.'s CME Group floor manager, says the corn market used a bullish USDA Report and 'downed' Iowa corn to turn in an impressive performance Tuesday.

"Even though we didn't go to the 'limit', the corn market looks very positive, " Bedore says. "China's demand is a driver, plus weather, and you'll start to hear people say parts of Iowa has lost 10% of its yield due to high winds this week." 

Bedore adds, "It's not hard to figure why corn is making its way up. It's making Cargill buy a $7.00-$8.00 'call' spread all day long. So, it looks like we could make our way to the top."







CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Soybeans End 23¢ Lower By: 08/01/2014 @ 8:56am DES MOINES, Iowa (Agriculture.com)--On Friday, the CME Group's soybean markets finish under…

Farm Markets Seen Mostly Lower Friday By: 08/01/2014 @ 6:45am On Friday, the CME Group's corn, soybean and wheat markets are expected to start mostly…

Soybean, Wheat Prices Close Higher By: 07/31/2014 @ 8:35am DES MOINES, Iowa (Agriculture.com)-- The CME Group soybean and wheat markets end higher, corn lower…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Rain Drains Grain Markets