Farm markets close higher
DES MOINES, Iowa (Agriculture.com)--With more of the Argentine corn and soybean crops suffering from a deficiency of moisture, the CME Group corn, soybean and wheat markets settled higher Monday.
The March corn futures settled 8 1/2 cents higher at $6.20. The March soybean contract settled 30 1/2 cents higher at $12.17 1/2. The March wheat futures ended 9 1/4 cents higher at $6.19 3/4. The March soyoil futures settled $0.99 higher at $51.42.
In the outside markets, the NYMEX crude oil is $1.62 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 24 points.
Joe Bedore, FC Stone Inc.'s CME Group floor trader, says much of the rally is based upon the lack of rain for the Argentine corn crop. "With 80% of that country's corn crop damaged from dryness, the market will not change direction until weather patterns change in South America. Don't forget, the soybean crop is set to scream for more moisture too," Bedore says.