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What a corn, soybean rally!

Updated: 07/30/2012 @ 2:41pm

DES MOINES, Iowa (Agriculture.com)--The hot/dry extended weather outlook underpinned the CME Group corn, soybean and wheat prices rally Monday.

The Sep. corn futures closed 21 cents higher at $8.20, while the Dec. contract finished 20 3/4 cents higher at $8.14. The August soybean contract finished 41 1/2 cents higher $17.25 3/4, Nov.  futures finished 41 3/4 cents higher at $16.43 1/2. The Sep. wheat futures closed 16 1/2 cents higher at $9.14 1/2. Aug. soyoil futures settled 0.53 higher at $52.57. The Aug. soymeal futures finished $18.60 higher at $546.30. 
In the outside markets, the NYMEX crude oil is $0.42 per barrel lower, the dollar is higher and the Dow Jones Industrials are 3 points lower.

Jack Scoville, PRICE Futures Group vice-president, says the markets are being supported by plenty of speculation activity.

"This rally seems to be backed by some 'short' position-type trading by commercials, but mostly a lot of speculative buying," Scoville says.  

Scoville adds, "My little guys are buying and my big guys are quiet.  Seeing some profit-taking coming in above the market. So, any rallies should see some selling interest. Not a huge volume day, so far. I was busier last night!  It is still weather, but charts now imply a move to $8.50 Dec Corn and $17.00 Nov soybeans. So, there is some of that kind of buying around too," he says.

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