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CME: Corn Futures Closed Higher Tuesday

20 June 2012

US - September Corn finished up 26 at 563, 5 off the high and 22 1/2 up from the low. December Corn closed up 26 at 560. This was 23 3/4 up from the low and 4 off the high.

The corn market continued its rally today with the new crop, December contract trading 27 3/4 higher towards the end of the session.

The hot and dry weather forecast for nearly half of the Corn Belt could mean deterioration of yield potential. The US Dollar fell today and stock indices traded higher, helping December corn advance to new, monthly highs.

Continued warm and dry weather mixed with positive outside markets could provide further support to the corn market. The market pushed to the highest level since March 21st. September Rice finished up 0.455 at 14.75, equal to the high and equal to the low.

Soybean Futures Closed Higher

August Soybeans finished up 48 3/4 at 1419, 18 1/2 off the high and 44 1/4 up from the low. November Soybeans closed up 42 at 1381 1/4. This was 38 1/4 up from the low and 13 3/4 off the high.

August Soymeal closed up 11.7 at 421.4. This was 11.2 up from the low and 7.6 off the high. August Soybean Oil finished up 1.58 at 50.51, 0.32 off the high and 1.44 up from the low. Soybeans continued their move higher today in explosive fashion.

The November contract traded 45 1/2 cents higher towards the end of today's trading session. The warm and dry forecast for the central and western portions of the Midwest could result in yield reduction in an already tight old crop supply situation.

The July contract gained on November soybeans after the USDA announced private exporters sold 140,000 tonnes of old crop beans to an unknown destination. A continuation of the rally will depend on positive outside market developments and continued bullish weather factors.

Wheat Futures Closed Higher

September Wheat finished up 20 1/4 at 668 3/4, 2 1/4 off the high and 22 1/4 up from the low. December Wheat closed up 20 1/4 at 692 3/4. This was 21 3/4 up from the low and 2 1/2 off the high.

July wheat continued its advance today with the July contract trading 19 1/4 higher. European wheat futures extended gains on potentially warm and dry conditions in parts of Russia, which lent support to US markets.

The US Dollar traded lower today and stocks rallied. Wheat benefited from a mixture of positive outside markets and spillover support from corn and beans. The market pushed to the highest level since May 31st. September Oats closed up 7 3/4 at 306 3/4. This was 6 1/4 up from the low and 3 3/4 off the high.


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