Farm markets remain higher
CHICAGO, Illinois (Agriculture.com)--The Monday CME Group farm markets remain strong. Plenty of bullish factors have helped to drive prices higher.
The Dec. corn futures are trading 7 cents higher at $7.21 1/2. The Nov. soybean contract is trading 14 1/4 cents higher at $13.49. The Sep. wheat futures are trading 10 cents higher at $7.12 1/2. The Sep. soyoil futures are trading $0.99 higher at $55.64. The Sep. soymeal futures are trading $3.10 per short ton higher at $355.20.
In the outside markets, the NYMEX crude oil is $1.61 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 117 points.
Supportive outside markets, expected drop in crop ratings this afternoon, less rain over the weekend and drier weather for the remainder of this month are all underpinning today's farm markets.
"A strong tailwind from expectations for crop ratings to decline in this afternoon's weekly USDA Crop Progress Report along with weekend rains falling short of expectations leaving at least 40% of Midwest dry, should be positive for corn and beans," Richard Feltes, RJ O'Brien research vice-president stated in a daily newsletter to customers.
In addition, a strong dollar plunge gives agricultural markets an additional price boost, he says.