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Grain markets close higher

Updated: 03/14/2011 @ 2:36pm

CHICAGO, Illinois (Agriculture.com)--After starting lower across the floor, the CME Group grain markets see a reversal higher Monday.

The May corn futures settled 1 3/4 cents higher at $6.66. The May soybean contract closed 5 1/2 cents higher at $13.40.  The May wheat futures ended 2 cents higher at $7.20 3/4. The May soymeal futures settled $5.50 higher per short ton at $355.50. The May soyoil futures ended $0.52 lower at $55.38.

In the outside markets, the NYMEX crude oil is $0.02 per barrel lower, the dollar is lower, and the Dow Jones Industrials are down 80 points.

Jack Scoville, PRICE Futures Group vice-president, says there is still a fair amount of caution out there. "But, I think the longer the market holds the more you see people interested in playing the long side.  We have lost some demand for sure, but I doubt enough to change the ending stocks estimates in any material way for any of the markets."  

The markets still have weather issues in front of them, Scoville says. "Also, lots of times a catastrophic event like what happened in Japan produces highs or lows. That implies the Thursday night session of limit down might be all this market needs to do. They have had chances to get the prices back there and have not been able to. So, you see some buying creeping in bit-by-bit."

Tim Hannagan, PFGBest.com senior grain analyst, says buying helped turn things around Monday. "After opening lower on the day session, in follow-thru from last week's correction and Japanese disaster, the market bounced back with light buying and short-covering. The trade is still sorting out the impact of lost exports to Japan. Note, Japan is the world's largest buyer of corn and mainly from the U.S."

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03/14/2011 @ 11:10pm We closed on the plus side I'm sure tomorrow the prices will drop cause we made up all that money today.

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