Soybeans close 16¢ higher, corn up 11
DES MOINES, Iowa (Agriculture.com)--On Monday, the CME Group corn, soybean, and wheat markets have a rally underway.
At midsession, the May corn futures contract is trading 8 3/4 cents higher at $4.87. The Dec. corn futures are trading 5 1/4 cents higher at $4.85. The May soybean futures contract is 11 1/4 cents higher at $14.20. November soybean futures are 2 3/4 cents higher at $11.80. May wheat futures are 18 cents higher at $7.11 per bushel. The May soymeal futures contract is trading $3.10 per short ton higher at $459.00. The May soyoil futures are trading $0.05 lower at $40.97.
In the outside markets, the NYMEX crude oil is $0.03 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 55 points lower.
Alan Brugler, president of Brugler Marketing & Management LLC, says the funds are driving up grain prices.
"Funds are long and making money, adding to positions on dips. Stock market weaker, buy more commodities. Brazilian crop estimates shrinking due to prolonged wet weather in Mato Grosso and dry weather in other pockets. Concerns about late planting season in the U.S. due to extended cold. Puts corn in particular into higher heat risk during pollination," Brugler says.