Soybeans end up 44¢
DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean, and wheat markets finished sharply higher Monday on weather concerns.
The Sep. corn futures settled 19 cents higher at $4.93 per bushel. The Dec. corn futures contract finished 22 cents higher at $4.85. The Sep. soybean futures contract finished 38 cents higher at $13.22; new-crop Nov. soybeans settled 44 cents higher at $13.03. Dec. wheat futures finished 10 cents higher at $6.53 per bushel. In the outside markets, the NYMEX crude oil is 32 cents per barrel lower, the dollar is lower, and the Dow Jones Industrials are 42 points lower.
Ken Smithmier, The Hightower Report grain analyst, says that weather leans bullish for row crops short-term.
"But soybeans continue to outperform corn due to the questionable new-crop supply outlook, demand, and bullish new-crop calendar spreads. The warm and dry forecast in the five-day map has put the early frost/freeze discussion on hold for now and the trade is refocusing its attention on crop conditions, which at the moment remain up in the air or likely trending lower."