Soybeans Close Up 18¢

(Agriculture.com) – ‘Turnaround Tuesday’ arrived and the CME Group soybeans and corn markets closed higher.

The July corn futures contract closed 3 1/4 cents higher at $5.02. The Dec. corn futures finished 3 cents higher at $4.95. The July soybean futures contract closed 18 cents higher at $14.83. The Nov. soybean futures finished 6 3/4 cents higher at $12.19. July wheat futures finished 5 3/4 cents lower at $7.09 per bushel. The July soymeal futures contract closed $6.50 per short ton higher at $484.70. The July soyoil futures closed $0.23 higher at $41.21. 
In the outside markets, the Brent crude oil is $0.74 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 27 points higher. Bob Linneman, Prairie Ag Marketing Services, says weather will drive this market for a while.

“The weather will drive this market for the next four weeks or so.  Once we get into mid-June and the 30-day forecasts will show moisture potential through mid-July, I think that is when the weather card will be played out. Unless we turn into a drought,” Linneman says.

The cool, wet start to planting is likely to diminish chances of hitting the USDA’s 165 yield for corn, he says.

“But if the weather switches and we get some heat and the continued wet pattern from mid-June through July, we might have a shot at a +160 yield.  The kicker will the be the corn acre number at the end of June. We are hearing of farmers that went with more corn than beans vs. the original plan,” Linneman says.