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Old corn, soybeans end sharply higher

Updated: 05/17/2013 @ 2:12pm

DES MOINES, Iowa (Agriculture.com)--Old-crop corn prices and soybeans finish stronger, as the market remains nervous about tight supplies Friday.

The July futures corn contract closed 11 cents higher at $6.52. New-crop Dec. futures settled 4 cents lower at $5.19. The July soybean futures contract finished 21 cents higher at $14.48, new-crop Nov. soybeans 11 cents higher at $12.28. July wheat futures 5 cents lower at $6.83 per bushel. The July soymeal futures settled $10.20 per short ton higher at $425.20. The July soyoil futures finished unchanged at $49.52.

In the outside markets, the NYMEX crude oil is $0.85 per barrel higher, the dollar is higher and the Dow Jones Industrials are 88 points higher.

Jack Scoville, PRICE Futures Group vice-president, says the old-crop corn rally is based upon a supply squeeze.  "Farmers are planting and not selling and the market got caught short.  Bears being forced out and bulls happy!  Beans the same thing," Scoville says.

Wheat will have a harvest and has developed a new downtrend, with its price action this week, he says.  

"The July corn rally does not surprise me. I was having a tough time wondering why it went lower in the first place, after May went off the board. There is some talk that July corn and soybeans need to try to run to the May future contract's settlements. And it is possible, given the tight supplies," Scoville says.

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