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At mid-session, the CME Group grain markets rally

07/20/2010 @ 11:00pm

CHICAGO, Illinois (Agriculture.com)--At mid-session, the CME Group grain prices rally Wednesday, led by wheat.

At mid-session, the Dec corn futures are 6 cents higher at $3.93 1/2. The Nov. soybean contract is 8 cents higher at $9.81. The Sep. wheat futures are 12 3/4 cents higher at $5.89 1/4. Dec. soybean meal futures are $3.40 higher at $285.30 per short ton. Dec. soyoil futures are trading 13 points higher at 39.30.

In the outside markets, the NYMEX crude oil is even per barrel, the dollar is higher, and the Dow Jones Industrials are up 53 points.

The wheat market is leading the rally. The corn and soybean markets are following wheat, traders say. The rally is about a technical bounce. Traders are still unsure what the weather is doing to the crops' growing season. 

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Soybeans Rally on Demand, Weather