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Weather rallies CME Group grain prices

Updated: 07/21/2010 @ 5:10pm

CHICAGO, Illinois (Agriculture.com)--The CME Group grain prices close with a rally Wednesday led by wheat. World weather, mainly European wheat crop-damaging conditions pushed up prices. 

The Dec corn futures closed 5 1/2 cents higher at $3.92 3/4. The Nov. soybean contract settled 5 1/2 cents higher at $9.78 1/2. The Sep. wheat futures closed 11 1/4 cents higher at $5.88 1/4. Dec. soybean meal futures ended $3.10 higher at $285.00 per short ton. Dec. soyoil futures settled 14 points lower at 39.05.

In the outside markets, the NYMEX crude oil is $0.91 lower per barrel, the dollar is higher, and the Dow Jones Industrials are down 109 points.

Traders say the wheat market led the floor today, because of weather concerns around the world. So, it's interesting that the weather rally was due to European weather not necessarily the U.S. Also, funds are active and received some credit for the wheat rally. Apparently, the commercials are short wheat, funds are long.

With the wheat concerns deal with high-protein crops, a battle between prices at Kansas City and Minneapolis exchanges are expected to overshadow Chicago wheat prices, one trader says. 

To further the high-protein wheat argument, food-stuffs are becoming a market concern. There are a lot of concerns about food-crops around the world, one trader says. So, farmers are being urged to keep an eye on the world crops, then their own crops, to know where this market is going, the trader says.

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