Soybeans, corn close higher
DES MOINES, Iowa (Agriculture.com)--With snow falling in Iowa, cold temperatures for other midwestern states, the CME Group corn, soybean and wheat markets finished higher Monday.
At the close, the May corn futures contract settled 4 1/2 cents higher at $5.03. The Dec. corn futures finished 4 1/4 cents higher at $5.03. The May soybean futures contract finished 13 1/4 cents higher at $14.76. The Nov. soybean futures finished 5 cents higher at $12.20. May wheat futures closed 18 1/2 cents higher at $6.78 per bushel. The May soymeal futures contract closed $6.20 per short ton higher at $479.10. The May soyoil futures closed $0.16 higher at $42.26.
In the outside markets, the crude oil is $0.26 per barrel higher, the dollar is higher and the Dow Jones Industrials are 91 points higher.Tim Hannagan, Walsh Trading Inc. senior grain analyst, says the wheat market is supported on many fronts.
"Wheat's rally is on two fronts. One, wheat exports are threatened out of the Ukraine, over the weekend trouble with Russia. Two, a cold front moved into the western wheat states today with below freezing temps. It won't get cold long enough to cause damage, just fear."
For the soybean and corn markets, they are up on wet, cold weather to start the week ,delaying field work, early western Corn belt planting and planting progress in the southern Delta, Hannagan says.