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Corn, wheat markets rally

Updated: 01/24/2012 @ 2:03pm

DES MOINES, Iowa (Agriculture.com)--After starting lower, the CME Group corn and wheat markets used demand talk to reverse the price trend and settled the day higher Tuesday.

The March corn futures settled 10 1/4 cents higher at $6.30 1/4. The March soybean contract ended 2 1/2 cents higher at $12.20. The March wheat futures closed 13 3/4 cents higher at $6.33 1/2. The March soymeal futures settled  $2.50 per short ton higher at $323.50. The March soyoil futures closed $0.07 lower at $51.35. 

In the outside markets, the NYMEX crude oil is $0.50 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 48 points.

Jack Scoville, PRICE Futures Group vice president, says the talk of Russia buying U.S. corn has the market supported. "Supposedly, that is what is driving this higher.  At any rate, it is impressive here today, with general buying," Scoville says.  

There is some selling from Brazil on this rally, due to the rains in Argentina last night, he says.  

"We had all expected lower markets due to the rain and the U.S. dollar, but there is something else in the air that I have not heard. Eastern cash basis is reported very strong to help the bulls too," he says.

Corn gains strength from this idea that the damage is done to the Argentine corn crop, one analyst says. 

Meanwhile, the Food Ag Organization released a new estimate of Argentina's 2012 corn production stating the crop will be 7% lower in 2012.

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