Spot Corn Futures Surge on Brazil Weather, Demand; December Settles at a New High
May corn futures rose sharply to challenge the contract high, moving the May-July corn spread to an 18-cent inverse, as the domestic basis creeps higher. December corn also rose, setting a new contract high. Wheat extended recent gains, led by Minneapolis on the expanding drought in the Northern Plains and Canadian Prairies. Soybeans rallied to modest gains despite a weaker meal market.
May corn closed up 19 1/4 cents per bushel, May soybeans closed up 6 1/2 cents, May KC wheat finished up 13 1/4 cents, May Chicago wheat closed up 12 1/2 cents and May Minneapolis wheat closed up 16 1/2 cents. The June U.S. Dollar Index is trading down 0.402 at 92.070. The Dow Jones Industrial Average is up 7.20 points at 33,453.46. June gold is up $14.30 at $1,755.90, May silver is up $0.32 at $25.57 and May copper is up $0.0355 at $4.0900. May crude oil is down $0.16 at $59.61, May heating oil is up $0.0013, May RBOB is up $0.0081 and May natural gas is unchanged.