Though retreating slightly from the open, the CME Group grain markets settled sharply higher Thursday.
The March corn futures settled 13 3/4 cents higher at $6.44 3/4. The March soybean contract closed 6 3/4 cents higher at $14.21 1/2. The March wheat futures ended 13 cents higher at $7.83 1/2. The March soybean meal futures closed $2.10 higher per short ton at $383.60. The March soyoil futures closed $0.05 lower at $57.82.
Jack Scoville, PRICE Futures Group vice-president, says the grain prices are getting follow-through support from yesterday's USDA report.
"Mostly a spec affair today with specs on both sides of the market. A good bit of profit taking. Farm selling reported yesterday but the country is reported quiet today with weaker basis now. The Dollar is sharply lower adding to support generated from the USDA reports yesterday. Everyone expects higher prices in response to the reports. Also lots of talk about heat for Argentina in the coming days, although there will be a couple of chances for showers, too. But it was very busy here yesterday and dead today, so there are other specs besides me doing the trading today."
