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Heat dome talk helps corn

Updated: 06/19/2013 @ 9:24am

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 


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."

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