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Farm markets close sharply higher

Updated: 05/17/2011 @ 2:23pm

CHICAGO, Illinois (Agriculture.com)--The slower corn planting pace helped the CME Group grain and soybean prices close sharply higher Tuesday.

The July corn futures settled 22 3/4 cents higher at $7.20 1/4. The July soybean contract is 14 1/4 cents higher at $13.41. The July wheat futures closed 27 1/2 cents higher at $7.64. The July soybean meal futures ended $4.70 per short ton higher at $350.40. July soyoil settled $0.13 lower at $56.04.

In the outside markets, the NYMEX crude oil is $0.19 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 67 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the weather is driving the corn market.

"There are six states that showed up dreadfully behind on planting progress Monday, with expectations for significant rainfall late this week and early next week. This rain will put them even further behind," Hannagan says. 

Next week is the last full week of May, suggesting that 20 million acres or more will have to be seeded in June, he says. "This has the trade thinking less corn and more bean acres. This is the first Tuesday, of the last five, that we have not followed lower the weaker crude oil and outside markets. This says traders now say there's a planting problem."

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