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Corn, Wheat Finish Strong

05/05/2014 @ 8:52am

DES MOINES, Iowa (Agriculture.com)--After hitting a 13-month high, the CME Group wheat market finished up, while corn run found weather strength too Monday.

The July corn futures contract closed 8 1/2 cents higher at $5.08. The Dec. corn futures finished 6 cents higher at $5.00. The July soybean futures contract ended 7 1/2 cents lower at $14.63. The Nov. soybean futures ended 5 cents higher at $12.27. July wheat futures closed 13 cents higher at $7.29 per bushel. The July soymeal futures contract finished $1.70 per short ton lower at $478.70. The July soyoil futures closed $0.34 lower at $41.17. 
In the outside markets, the Brent crude oil is $0.51 per barrel lower, the dollar is lower and the Dow Jones Industrials are 26 points higher.

Jack Scoville, PRICE Futures Group vice-president, says that wheat is still a weather market, with Ukraine a background problem providing some support.  

"But, it is mostly the weather in the Great Plains that is supporting Wheat.  It got to 100 in Kansas already! That is pretty hot and shows just how extreme it all is out there.  Some chances for showers about Thursday, but they do not look to be much," Scoville says.  

For corn, there's uncertainty as to why it is firm.

"But, our demand has been good and maybe that is it," he says.  The soybean market is plagued with a lot of talk of even more cargoes coming from South America and that is hammering the spreads as well as causing nearby weakness, he says.  

"The better weather supporting new crop beans against new crop corn on spreads, as the better Midwest weather this week will push planting and implies a little more corn might get planted.  So far, it seems like a very quiet day in this office, anyway, mostly funds and commercials I guess."

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