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At mid-session, the CME Group grain prices slip

07/21/2010 @ 11:00pm

CHICAGO, Illinois (Agriculture.com)--Weather concerns worldwide have underpinned the day's trading session of the CME Group grain markets Thursday. 

At mid-session, the Dec corn futures are 1 cent lower at $3.92 1/2. The Nov. soybean contract is 4 1/2 cents higher at $9.83. The Sep. wheat futures are 9 3/4 cents higher at $5.98. Dec. soybean meal futures are $0.90 lower at $284.10 per short ton. Dec. soyoil futures are trading 69 points higher at 39.74.

In the outside markets, the NYMEX crude oil is $2.12 higher per barrel, the dollar is lower, and the Dow Jones Industrials are up 199 points.

"The markets have retreated, since starting sharply higher," Scott Shellady, GFI Group floor trader says. "The lower dollar and the world weather continue to underpin the market. But, the markets have slipped back."

Europe's wheat crop is being damaged by dryness. Plus, the outside markets are supporting the grain markets Thursday, traders say. 


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Weather Trumps Demand