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Grain prices close firm

Updated: 10/25/2010 @ 2:15pm

CHICAGO, Illinois (Agriculture.com)--The CME Group grain markets close off their highs but strong Monday. South America weather woes, a lower dollar and higher exports are all propping up the grain rally, analysts say.

The Dec corn futures settled 8 3/4 cents higher at $5.68 3/4. The Nov. soybean contract closed 18 3/4 cents higher at $12.17 3/4. The Dec. wheat futures closed 3 1/4 cents higher at $6.74.  The Dec. soymeal futures contract ended $3.70 higher at $334.60 per short ton. The Dec. soyoil futures contract is $1.17 higher at $49.47.

In the outside markets, the NYMEX crude oil is $0.68 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 60 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the market is pricing in less rainfall than needed over the weekend in Brazil. 

"That country's bean planting continues well behind normal. China was in buying U.S. beans today for the sixth consecutive day as insurance against the drought continuing. Watch out for month end profit taking by funds who are fat with profits and the month ends Friday," Hannagan says.

USDA announced Monday that private exporters reported sales of 232,000 metric tons of U.S. soybeans for delivery to China during the 2010/2011 marketing year.

The marketing year for soybeans began Sept. 1.

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