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Farm markets close strong

Updated: 01/19/2012 @ 2:12pm

DES MOINES, Iowa (Agriculture.com)--With fresh export sales, continued support from a weaker trading U.S. dollar, the CME Group corn, soybean and wheat prices settled higher Thursday.

The March corn futures closed 12 1/2 cents higher at $6.06. The March soybean contract settled 13 1/2 cents higher at $11.97. The March wheat futures closed 5 cents higher at $6.05. The March soymeal futures ended $3.70 per short ton higher at $315.70. The May soyoil futures closed $0.66 higher at $51.06.
In the outside markets, the NYMEX crude oil is $0.59 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 17 points.

On Thursday, USDA announces that Mexico bought 154,700 mt of U.S. corn for 2011-12 delivery. USDA says S. Korea bought 110,000 mt of U.S.  corn for 2011-12 delivery. USDA announces Thursday that China bought 120,000 mt of U.S. soybeans for 2012-13. 

Jack Scoville, PRICE Futures Group vice president, says demand has the attention of the market.

"Demand is coming and has been confirmed over the last couple of days. That is the big news reason to move higher. The market feels real sold out for now as well," Scoville says.  

Weather forecasts have beneficial rains coming to South America this weekend. "That should be mostly negative for beans. But, it looks like the demand and the dollar are more important."

Luis Longo, an independent CME Group trader, says there really isn't one particular driver of the market. "If I had to pick market factors, I would say weaker dollar and warmer weather in South America."

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