Jul Corn, Soybean Push higher

The July contracts of corn and soybeans have picked up the baton of tight old-crop supplies after the May contracts expired strong earlier this week. Both July corn and soybeans closed higher on the week, making it clear strong domestic demand still continues for limited available supplies of corn and soybeans. Planting activity should have accelerated for corn in the western Midwest this week and for corn and spring wheat in the Dakotas. The hard red winter wheat crop received some rain in Oklahoma and the Texas Panhandle earlier this week, but the overall forecast for the Southern Plains remains dry for the next two weeks.