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Farm markets close higher

Updated: 07/05/2011 @ 2:27pm

CHICAGO, Illinois (Agriculture.com)--The CME Group farm markets closed higher Tuesday, using fresh crop demand and futures buying for support Tuesday, analysts say.

The Dec. corn futures settled 15 3/4 cents higher at $6.12 1/4. The Nov. soybean contract closed 5 1/2 cents higher at $13.18. The Sep. wheat futures closed 23 1/4 cents higher at $6.35 1/2. The Dec. soybean meal futures contract ended $0.10 per short ton lower at $340.90 and Dec. soyoil futures closed $0.09 lower at $56.21.

In the outside markets, the NYMEX crude oil is $1.91 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 6 points.

People think last week’s USDA Acreage Report was high, one CME Group grain floor trader, requesting anonymity, says. "I still like the Dec. corn futures contract and think we fill the gap. We'll probably see higher export corn numbers for the next several weeks." 

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