Soybeans closed up 20¢
DES MOINES, Iowa (Agriculture.com)--The funds helped the CME Group corn, soybean market rally Tuesday.
At the close, the May corn futures contract settled 5 1/2 cents higher at $5.07. The Dec. corn futures settled 7 1/4 cents higher at $5.05. The May soybean futures contract closed 20 1/2 cents higher at $14.84. The Nov. soybean futures ended 20 cents higher at $12.07. May wheat futures finished 12 cents lower at $6.85 per bushel. The May soymeal futures contract closed $3.40 per short ton higher at $482.70. The May soyoil futures finished $0.98 higher at $41.40.
In the outside markets, the Brent crude oil is $1.92 per barrel lower, the dollar is lower and the Dow Jones Industrials are 70 points higher.
Tim Hannagan, Walsh Trading Inc., says funds sparked today's rally.
"Funds were heavy buyers of corn and beans. There certain to roll longs into july as they put the most money in for the summer growing season weather premium rally. This years spring summer weather looks very questionable," Hannagan.