At mid-session, the July corn futures are 4 1/4¢ higher at $3.76, while December futures are 4¢ higher at $3.94.
July soybean futures are 6 1/4¢ higher at $9.59, November soybean futures are 6 1/2¢ higher at $9.58.
July soy meal futures are $1.70 per short ton higher at $308.70. July soy oil futures are $0.10 higher at 33.14¢ per pound.
In the outside markets, the Brent crude oil market is $0.43 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 97 points higher.
Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says the weather-driven market is still focused on wet conditions and replanting of corn.
“Wet is the four letter word. More rain over the weekend and forecasts for more this week have kept speculators doing some buying or at least not selling more,” Scoville says.
For this afternoon’s USDA Crop Progress Report, the trade Ideas are that corn planted progress can be as much as 85%.
“But, talk of big replanting to be done and talk of yellow crops keep ideas about condition highly variable,” Scoville says.
He adds, Soybean investors are seeing slow planting and no business at all from South America. Wheat is up on wet weather creating planting delays for spring and condition worries for winter. So wet is pushing prices higher today in a moderate volume day,” Scoville says. BY MIKE MCGINNIS.
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