The hotter and drier outlook for weather in U.S. crop growing areas is a key factor pushing up CBOT grain futures, but production issues from bad weather in other parts of the world also seem to be in the mix according to analyst Terry Reilly. "Bulls are back after the long holiday weekend [with] poorer French grain crop conditions and renewed optimism [on] outlooks for improving global economic prospects," says Reilly--referencing the unusually hot conditions that have walloped Europe. He adds that he recommends farmers to sell into today's rally. CBOT corn rises 3.7%, soybeans are up 4%, and wheat climbs 2.4%. (kirk.maltais@wsj.com)
Dow Jones Newswires
Outlook for World Crops Gives Grain Traders Optimism — Market Talk
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The hotter and drier outlook for weather in U.S. crop growing areas is a key factor pushing up CBOT grain futures, but production issues from bad weather in other parts of the world also seem to be in the mix according to analyst Terry Reilly. "Bulls are back after the long holiday weekend [with] p…