Grains surge on weather worries
Bolstered by crop-wilting weather in South America and a slower pre-holiday trading pace, the CME Group grains continue to trend higher Monday.
At mid-day, March corn is 18 cents higher at $6.01 per bushel, while January soybeans are 9 1/4 higher at $11.39 1/4 and March wheat is 15 higher at $5.98 3/4, according to Barchart.com.
Though worries about the European debt situation remains in the back of a lot of traders' minds, the news of hot, dry weather in Brazil and Argentina has stoked confidence on the Floor thus far Monday.
"Hot and dry in South America. I'm sure you all knew that already but in the interest of being on top of things I have to state the obvious. Quiet holiday week markets are also difficult sells," says ICAP Energy LLC Derivatives Manager Scott Shellady. "I am very concerned about the macro picture and the EU. I know it seems remote but we are in some fairly tentative times."