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Farm markets end sharply higher

Updated: 07/09/2013 @ 3:10pm

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 Sept. futures corn contract closed 18 cents higher at $5.51. New-crop Dec. corn futures closed 21 cents higher at $5.21. The Aug. soybean futures contract closed 12 cents higher at $14.68, new-crop Nov. soybeans ended 24cents higher at $12.76.  Sept. wheat futures finished 14 cents higher at $6.77 per bushel. The Aug. soymeal futures ended$6.80 short ton higher at $448.90. The Aug. soyoil 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, though. With 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.

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