Home / Markets / Markets Analysis / Corn market / Heat dome talk helps corn

Heat dome talk helps corn

06/18/2013 @ 8:47am

DES MOINES, Iowa (Agriculture.com)--The threat of a Midwest heat dome heated up the corn and wheat markets Tuesday.

The July futures corn contract settled 5 cents higher at $6.73. New-crop December. corn futures settled 12 cents higher at $5.50. The July soybean futures contract finished 2 cents lower at $15.10; new-crop November soybeans ended 4 cents higher at $12.89. July wheat futures closed 7 cents higher at $6.87 per bushel. The July soymeal futures finished $2.70 per short ton higher at $451.80. The July soyoil futures closed 3 cents lower at $48.81.

In the outside markets, the NYMEX crude oil is 41 cents per barrel higher, the dollar is lower, and the Dow Jones Industrials are 147 points higher.

VIDEO: Critical Weather for Corn Planting 


MORE VIDEOS >> 

Tim Hannagan, Walsh Trading grain analyst, says heat dome fears underpin the market.

"The big news underpinning the higher trade is the talk of much warmer and drier weather in the 6- to 15-day outlook," Hannagan says.

Warmer and drier weather is just what the market needs to improve the overly wet conditions, he says.

"But this is too similar to two years ago, when record wet conditions led to late planting followed by a dry late June and all of July. Record-high prices followed, as yields dropped. There's a heat dome simmering in the South, ready to move up in July, fear has it."


Sign up for our Market Email Alerts!

 

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Fund Rallies Ruling The Markets By: 05/22/2015 @ 11:19am Yes, the wheat market has rallied 60¢ since May 13. And yes, the corn and soybean markets have…

Long Weekend Can Mean Market Volatility By: 05/22/2015 @ 11:09am After several corn and soybean contracts mad new lows this week, traders fear the upcoming holiday…

Soybeans Close 14¢ Lower Friday By: 05/22/2015 @ 8:48am DES MOINES, Iowa (Agriculture.com)--On Friday, the CME Group's corn, soybean and wheat markets…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Weather Update - Late May, Early June
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]