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US grain, soy bounce with outside markets

05/09/2011 @ 8:04am

US grain and soybean futures were higher overnight, managing to bounce from last week's declines on spillover support from outside markets.

Weakness in the dollar, higher crude oil and precious metal futures rekindle buying interest amid ideas last week's declines were overdone. Wheat futures led the advances, as the threat of further winter wheat production losses in the plains due to warm, dry weather buoyed prices.

Otherwise, futures garnered additional support from traders covering some recently sold positions ahead of Wednesday's USDA crop reports. CBOT July wheat was up 17 1/4c at $7.76 3/4 a bushel, July corn was up 10 1/4c at $6.96 1/2, and July soybeans were up 8 1/2c at $13.34 1/2. (andrew.johnsonjr@dowjones.com)

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(END) Dow Jones Newswires

May 09, 2011 08:46 ET (12:46 GMT)

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