Corn ends lower, soybeans higher
DES MOINES, Iowa (Agriculture.com)--After starting mostly higher, a technical sell-off pushed the CME Group corn market to a lower close, while soybean and wheat markets ended slightly higher Wednesday.
The Dec. corn futures contract settled 2 1/4 cents lower at $4.29 3/4. The Nov. soybean futures contract finished 1/4 of a cent higher at $13.19. Dec. wheat futures finished 1/4 ofa cent higher at $6.45 per bushel. The Dec. soymeal futures contract closed $4.40 per short ton lower at $423.30. The Dec. soyoil futures ended $0.21 higher at $40.96.
In the outside markets, the NYMEX crude oil is $0.99 per barrel higher, the dollar is lower and the Dow Jones Industrials are 11 points higher.
Tim Hannagan, Walsh Trading Inc. grain analyst, says that the market is being driven by technical factors.
"With no grain reports and corn-based energy reports delayed until Thursday, there's no fresh news to fuel trading. So, we're trading between chart support and resistance. It's all technical."