(Agriculture.com) – On Tuesday, the CME Group’s soybean market finished sharply higher, due to a sinking U.S. Dollar.
At the close, the July corn futures settled 6 3/4 cents higher at $3.59 per bushel. The Dec corn futures finished 7 cents higher at $3.76 per bushel.
July soybean futures closed 14 3/4 cents higher at $9.40 3/4. Nov. soybean futures ended 15 3/4 cents higher at $9.17.
July wheat futures finished 18 3/4 cents higher at $5.12 1/2.
July soymeal futures closed $5.20 per short ton higher at $301.80.
In the outside markets, the NYMEX Crude oil market is $1.12 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 24 points lower.
Mike North, President Commodity Risk Management Group, says that a weaker U.S. Dollar is supporting the farm markets.
“Today’s rally is quite simple. The US Dollar is down 160 basis points after a proposed deal was put together to present to Greek Leadership regarding further bailout funding,” North says.
Plus, the weekly USDA Crop Progress Report showed corn and soybean quality ratings dropping by 2%, vs. a week ago. That is also friendly for the markets, according to analysts.
