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Soybeans close sharply higher

05/21/2012 @ 9:36am

DES MOINES, Iowa (Agriculture.com)--Weather concerns help the CME Group corn futures contracts close mostly higher, soybean and wheat higher Monday.

The July corn futures settled 2 1/2 cents lower at $6.33, while the Dec. contract finished 3 1/2 cents higher at $5.40 1/2. The July soybean contract settled 7 1/2 cents higher $14.12 1/2, while the Nov. 2012 contract ended 18 1/4 cents higher at $13.06 1/4. The July wheat futures closed 8 3/4 cents higher at $7.04. July soyoil futures finished up $0.60 at $50.92. The July soymeal futures finished $1.40 per short ton lower at $416.50. 
In the outside markets, the NYMEX crude oil is $0.95 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 110 points.

Tim Hannagan, PFGBest.com senior grain analyst, says today's higher markets are pricing in weather concerns.

Markets priced in the lack of rain over the weekend and the coming of the big heat dome.

Today, marks the first session for the extended electronic trading hours. Grain analysts are assessing how their daily work will chug.

"Under the old schedule, everything was set up to trade a certain way which allowed us time to regroup and contact customers on what to do next. With out downtime, it becomes a professionals market, one that can sit in front of the screen. But, those who are distant will be at a huge disadvantage. We will have to adjust but it's clearly not customer-friendly," Hannagan says. 

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