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Grain markets close higher

Updated: 08/19/2011 @ 2:53pm

CHICAGO, Illinois (Agriculture.com)--Favorable outside markets and crop-weather pressure for the Midwest have helped the CME Group grain and soybean markets close higher Friday.

The Dec. corn futures closed 12 1/4 cents higher at $7.25 1/4. The Nov. soybean contract settled 7 1/2 cents higher at $13.68 1/2. The Dec. wheat futures ended 22 cents higher at $7.61 1/4. The Dec. soyoil futures ended $0.12 higher at $55.95. The Dec. soymeal futures settled $1.50 per short ton higher at $360.90.

In the outside markets, the NYMEX crude oil is $0.22 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 154 points.

Tim Hannagan, PFGBest.com grain analyst, says the farm markets have captured support today. "Outside markets have stabilized and weather reports are dryer in the near term and dryer after Tuesday in the longer term."

Jack Scoville, PRICE Futures Group vice-president, says the grains have been acting great for the last few weeks. "The grains are showing you that we have crop problems, to be able to hold as well as they have with the bloodbaths everywhere else."

With the relative stability in financial markets and ongoing reports of less than great yield potential in Spring Wheat and corn, the markets have remained on an upward price pattern Scoville says.

 "Soybeans want a drink, and there is no soaking rains in the forecast.  So, the market is holding and up a bit, and should close ok today," Scoville says.

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