DTN Grain Close: July Corn Breaks Above $7, May Highest Since 2012

    Corn futures continue to be the upside leader in the ongoing bull move. The forecast for the next 10 to 15 days appears to be warm to hot and barren of moisture in the key central Brazil safrinha corn areas, leading to sharply lower production estimates. Soybeans and soy oil are also rising on slim stocks and surging domestic and world demand. Spot soy oil futures reached the highest level since 2008.

    GENERAL COMMENTS:

    July corn closed up 17 1/4 cents per bushel, July soybeans finished up 14 1/4 cents, July KC wheat closed up 10 3/4 cents, July Chicago wheat closed up 8 3/4 cents and July Minneapolis wheat settled up 9 1/2 cents.

    The June U.S. Dollar Index is trading up 0.298 at 91.225. The Dow Jones Industrial Average is down 104.06 points at 34,009.17. June gold is down $13.00 at $1,778.80, July silver is down $0.40 at $26.57 and July copper is up $0.0020 at $4.5305. June crude oil is up $0.90 at $65.39, June heating oil is up $0.0381, June RBOB is up $0.0394 and June natural gas is down $0.004.

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