Market Prices Still Going Up on Weather Concerns

By CnAgri2012-07-10 18:53:39 Print

Corn futures closed 32 to 34 cents higher on Monday on continued weather worries. New crop corn traded limit fueled by fears that the current drought in the Midwest will force to USDA to cut yield estimates.

Soybean futures closed 39 to 45 cents higher. Midwest drought concerns drove soybean prices to record high amounts. The excessive heat over the last few weeks is believed to have further damaged new crop beans, boosting prices. The September soybean contract hit $16.79 1/2, the all time highest spot soybean price on continuous charts. Soymeal futures also hit a record high at $490/ton.

Wheat futures closed 19 to 28 cents higher. Wheat futures were pulled higher by strength in the corn and soybean markets, which posted moderate gains today on dry weather conditions. Prices saw additional support as hot, dry conditions across the U.S. Plains continue to stress the spring wheat crop, which resulted in lower crop condition ratings last week. Major floods in the Black Sea Region, particularly Russia, boosted prices as well.