Home / Markets / Markets Analysis / Corn market / Farm markets end sharply higher

Farm markets end sharply higher

07/09/2013 @ 8:42am

DES MOINES, Iowa (Agriculture.com)--With short-covering and unfavorable weather talk, the CME Group corn, soybean and wheat markets settled sharply higher Tuesday.
The Septfutures corn contract closed 18 cents higher at $5.51New-crop Deccorn futures closed 21 cents higher at $5.21The Augsoybean futures contract closed 12 cents higher at $14.68, new-crop Novsoybeans ended 24cents higher at $12.76 Septwheat futures finished 14 cents higher at $6.77 per bushelThe Augsoymeal futures ended$6.80 short ton higher at $448.90The Augsoyoil futures settled $0.06 higher at $47.02.
In the outside markets, the NYMEX crude oil is $0.74 per barrel higher, the dollar is higher and the Dow Jones Industrials are 75 points higher.
Dustin Johnson, eHedger grain analyst, says the rally could  be short-lived.
"The large spec positions just got short last week and the dryness west of the Mississippi probably have a few starting to short-cover," Johnson Also, the trade is hearing some concern about shallow roots from the wet spring, he says 
"We don't think there is much reason to believe this rally will continue without a larger weather issue, thoughWith pollination pushed back to the end of July, for a lot of areas, we will just have to keep watching the extended forecast to see if we get those rains We want to sell December corn between $5.10 and $5.20, for those who need to get caught up with hedging," Johnson says.

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Soybeans Seen Higher Thursday By: 07/31/2014 @ 7:02am On Thursday, the CME Group's corn, soybean and wheat markets are expected to start mostly…

Rangebound Corn Market Ends Higher By: 07/30/2014 @ 8:37am DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group corn and wheat markets stayed…

Soybean, Corn Markets To Dip Wednesday By: 07/30/2014 @ 7:43am On Wednesday, the CME Group's corn, soybean and wheat markets are expected to start mostly…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Weather Trumps Demand