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CBOT soybean futures reach 7-week high on Thursday

Agriculture.com Staff 07/06/2006 @ 2:04pm

DOW JONES- The CBOT corn, soy futures settled higher on Thursday, underpinned by dry weather and fund buying.

For corn, dryness concerns in the western U.S. Midwest, as well as technical and fund buying, sources said. The bottom line is there is no rain in the forecast for the western belt, and until there is, corn should be well supported, a July corn settled 5 3/4 cents higher at $2.45 1/4, and Dec also rose 5 3/4 cents to $2.70 1/4.

CBOT soybean futures ended sharply higher, rallying to seven-week highs on speculative buying and short covering as weather concerns enticed traders into adding risk premium back in the market. July soybeans ended 14 cents higher at $6.08 1/2 a bushel, while Nov soybeans finished 14 1/4 cents higher at $6.35 1/4.

U.S. wheat futures closed mixed, as price separation occurred among the three markets. Chicago and Minneapolis wheat closed firmer, but Kansas City reportedly fell on conflicting weather forecasts. Hard red spring wheat at the MGE reached a new contract high of $5.24 a bushel, basis Sep, but sold off into the close as traders booked profits Basis Sep contracts, CBOT rose 2 1/2 cents to $4.07 1/4, KCBT fell 3 3/4 cents to $5.18 1/2 and MGE added 1 3/4 cents to $5.14 1/2.

DOW JONES- The CBOT corn, soy futures settled higher on Thursday, underpinned by dry weather and fund buying.

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Weather Trumps Demand