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Corn closes at $4.46

Updated: 09/01/2010 @ 2:17pm

CHICAGO, Illinois (Agriculture.com)--The CME Group grain markets close mostly higher, soybeans being the only laggard Wednesday. The outside markets provide significant underpinning for the grains, traders say.

The Dec corn futures closed 7 1/2 cents higher at $4.46 3/4. The Nov. soybean contract ended 4 1/2 cents lower at $10.05 1/2. The Dec. wheat futures closed 23 cents higher at $7.08 3/4. The Dec. soymeal futures ended $1.60 per short ton lower at $293.60.

In the outside markets, the NYMEX crude oil is $2.06 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 223 points.

Tim Hannagan, PFGBest.com senior analyst, says the new month sees some of that money, taken out at the end of August, coming back into the long side. "Also, traders continue to talk of uncertain yields ahead on the harvest, strengthening demand and potential of a bullish USDA crop report next Friday. Solid reasoning is to not be short the market, yet gains may be limited as traders could be reluctant to add too many longs on their books with a three day holiday weekend coming up."

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