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Corn and soybeans rally

Updated: 08/17/2010 @ 2:14pm

CHICAGO, Illinois (Agriculture.com)--The CME Group corn and soybean markets finished with a rally Tuesday, wheat ended lower. Demand, continued news of more EU countries limiting grain exports and outside markets are supporting the grains.

The Dec corn futures settled 7 1/4 cents higher at $4.30. The Nov. soybean contract closed 10 1/2 cents higher at $10.42. The Dec. wheat futures settled 12 1/2 cents lower at $6.83 3/4. The Dec. soymeal futures contract finished $4.40 per short ton higher at $299.80. The Dec. soyoil futures contract closed 14 points higher at $42.21.

In the outside markets, the NYMEX crude oil is $0.49 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 163 points.

Tim Hannagan, PFGBest.com senior analyst says a lower close, Tuesday or Wednesday, under Monday's low, would suggest a near term pre- harvest high is in. "A close over 7.60, on December wheat, suggests we're on track for a test of old highs. New lows from Monday and 6.40 is next. November beans have support at 10.24 Tuesday and 10.30 Wednesday. A close under and 10.12 then 9.95 is next stop. December corn support Tuesday is 4.14 and Wednesday at 4.18 .  A close under and 4.00 is next support. It is wait and see now as to what the trend-following and index funds are going to do. Technically, you should buy support. But a close under, get out and go short," Hannagan says.

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