Wheat Closes 14¢ Higher Monday
DES MOINES, Iowa — On Monday, fund-buying of portions of their net record short positions in the CME Group’s wheat market helped that grain's prices to close up double-digits.
At the close, the July corn futures settled 3¢ higher at $3.85, while the Dec. futures ended 2¢ higher at $3.90. July soybean futures closed 1¼¢ lower at $9.63, while Nov. futures finished ¾¢ higher at $9.67. July wheat futures settled 13½¢ higher at $4.81. July soy meal futures closed $2.90 per short ton lower at $295.70. July soy oil futures closed 59¢ higher at $34.23.
In the outside markets, the Brent crude oil market is 53¢ per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 87 points higher.
Market Related News: Corn Basis Steady to Weak
Market Related News: Brazil to Return to U.S. Corn Purchases
Jack Scoville, The PRICE Futures Group’s senior market analyst, says that most of the rally today is U.S. dollar-based.
“The Brazilian impeachment vote is providing some support as well. I have been doing some pricing for Brazil customers today, but not too much and I don’t see any real new deals going down,” Scoville says.
U.S. farmers have gone quiet after selling last week, Scoville says.
"So, I guess they will wait for more of a rally or a clear top before getting aggressive. Some of the buying is Dilma Rousseff related, but only a little bit, he says.
People are trying to talk weather, which is an issue for Brazil’s corn, but Argentina is supposed to be drier.”