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Chicago Close: Dollar Weakness Supports Corn, Soys

Weakness in the US dollar helped to push corn and soybean futures to gains on Tuesday, while wheat managed just a mixed close. 

The greenback fell farther from two-decade highs set last month amid easing fears about global recession, said reports today. Gains in crude oil and broad-based strength in outside equity markets added to the upside in corn and soybeans. 

Corn futures were further supported as Monday’s USDA crop progress report showed the US corn harvest at 20% complete as of Sunday, falling short of trade expectations. December corn was up 2 ¼ cents at $6.83 and March was 2 ½ cents higher at $6.90. 

Soybeans were also underpinned by expectations OPEC will likely announce that they are cutting oil production at their meeting tomorrow. The crop progress report put the soybean harvest at 22% complete as of Sunday, a couple of points ahead of expectations. November beans gained 9 ½ cents to $13.83 ½, and January was up 9 ½ cents at $13.93 ½. 

Wheat was mostly lower on a mix of profit taking and a lack of fresh news. Kansas City wheat was unchanged amid some support from dry conditions on the US central Plains. December Chicago wheat lost 9 cents to $9.03, December Kansas City was steady at $9.88 ¾, and December Minneapolis fell 3 ¾ cents to $9.76 ¼. 

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