Grain Futures Rally on Declining Crop-Condition Ratings

Grain futures surged across the board on Wednesday, with wheat leading the charge. Corn finished sharply higher, as September gained 13 and a quarter cents to $5.14, while December added 13 cents to $5.36.

The corn market continues to find support from declining crop-condition ratings and concerns over yield potential following the Pro Farmer Crop Tour. This has contributed to fund buying, adding momentum to the rally. In fact, December corn pushed to a new contract high as fund buying added momentum to the rally.

Soybeans were also sharply higher, with September gaining 26 and a half cents to $12.54, while November jumped 28 cents to $12.66. Soybean meal participated in the rally, with December meal gaining $10.10 to $339.30.