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Wheat keeps corn, soybeans higher

Updated: 05/25/2012 @ 1:37pm

DES MOINES, Iowa (Agriculture.com)--CME Group wheat futures kept the commodities in positive territory Friday, all the way to the close.

The July corn futures closed 1 cent higher at $5.79, while the Dec. contract settled 5 1/2 cents higher at $5.20 1/4. The July soybean contract settled 5 1/2 cents higher $13.81 1/2, while the Nov. 2012 contract closed 11 3/4 cents higher at $12.88. The July wheat futures settled 15 1/2 cents higher at $6.78 1/2. July soyoil futures finished up $0.73 at $50.15. The July soymeal futures settled $1.40 per short ton lower at $409.60.  

In the outside markets, the NYMEX crude oil is $0.22 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 67 points.

Jack Scoville, PRICE Futures Group vice president, says the fact that wheat leads all markets is kind of a surprise.

"But, there are still dry weather issues in the western Great Plains and I suppose that is it.  Corn is being led by new crop, a hot and dry weekend, although forecasters are calling for cooler weather next week.  I think some is short covering, after the beating this week who wants to be short," Scoville says.

With a long Memorial Day weekend ahead, the surprise would be that something price positive happen, so why take the risk of being short?  

Traders in this office are watching the oats getting hit and wondering if this is a signal for the coming weeks in other markets, he says.  

Regarding soybeans, the marketwatchers believe farmers should be about done getting planted and waiting for rain.  

"Rain forecasts and temps forecasts will be the primary movers for next week, unless a lot of demand shows up. I am not hearing much about demand and the spreads are not showing much demand either," Scoville says.

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