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Farm markets rally

08/26/2011 @ 9:40am

CHICAGO, Illinois (Agriculture.com)--A sharp rally, sparked by buying, has the CME Group corn and soybean markets well supported Friday.

At mid-day, the Dec. corn futures are trading 24 cents higher at $7.67 1/2. The Nov. soybean contract is 30 cents higher at $14.22 3/4. The Dec. wheat futures are trading 13 1/2 cents higher at $8.01 1/4. The Dec. soyoil futures are trading $0.82 higher at $56.95. The Dec. soymeal futures are trading $7.60 per short ton higher at $382.80.

In the outside markets, the NYMEX crude oil is $0.47 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 145 points.

Hotter crop-weather, and favorable outside markets push up the farm markets, traders say.

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