U.S. corn and soy complex futures soared while wheat futures ended mixed Tuesday. Corn and soybean futures were boosted by concerns of planting delays due to excessively wet weather across the Midwest. Wheat futures were mixed as support from corn and soybeans was partly offset by pressure from beneficial rainfall in the hard red winter region. Chicago July wheat fell 3¾c, closing at $6.93¾ a bu, Kansas City July lost 2¼c, closing at $7.43½ a bu, and Minneapolis July rose ¾c, closing at $8.06½ a bu. July corn futures gained 9¼c, closing at $6.66½ a bu. July soybeans surged 33c, closing at $15.09¼ a bu. July soybean meal jumped $14.10, closing at $442.30 a ton. July soybean oil rose 0.30c, closing at 49.54c a lb.
Major U.S. stock indexes climbed to new highs Tuesday following strong gains in Asian and European markets and on better-than-expected first quarter U.S. housing price advances and May consumer confidence. Early gains were trimmed somewhat by weakness in utilities and telecommunications shares. The Dow Jones Industrial Average rose more than 106 points, closing at 15,409.39. The Standard & Poor’s 500 Index gained more than 10 points, closing at 1,660.06. The Nasdaq Composite Index advanced about 30 points, closing at 3,488.89.
The value of the U.S. dollar against the euro was higher Tuesday.
Crude oil futures advanced Tuesday on concerns about tighter supplies from Nigeria and the North Sea, and strong U.S. economic data. The June contract gained 86c, closing at $95.01 a barrel.
Gold futures prices declined Tuesday as stronger equity values pulled investors from safe-haven assets such as gold. The June contract fell $7.70, closing at $1,378.90 an oz.
