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Corn, soybeans close higher

Updated: 02/22/2012 @ 2:15pm

DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybeans and wheat markets started lower and finished higher Wednesday.

The March corn futures finished 8 3/4 cents higher at $6.38 1/4. The March soybean contract finishes 1 1/2 cents higher at $12.72 1/4. The March wheat futures settled 11 1/2 cents higher at $6.44 1/2.  The March soymeal futures closed $1.10 per short ton higher at $331.30. The March soyoil futures finished $0.16 higher at $54.22.
In the outside markets, the NYMEX crude oil is $0.09 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 21 points.

Jack Scoville, PRICE Futures Group vice president, says it seems like the markets are waiting to see what the USDA Ag Outlook Forum releases Friday on U.S. 2012 crop estimates.

"To me, the market is giving back or getting back from some of the moves yesterday. But even that type of interest is hard to find.  People really sitting on their hands right now. I am hearing even lower estimates out of South America, but no one seems to care today," Scoville says.

Tom White, FuturesRoad.net analyst and CME Group corn pit floor trader says the market is trying to find direction. 

"Technically speaking, there is a corn price trendline above $6.49. If we were to close above that today it would be bullish. We could be back up to previous Jan. 3rd highs of $6.72 1/2 . But, the market has been ranging between $6.50 and $6.29 and looking for a breakout back to $6.00 or $6.72. Market is in a triangle pattern but breakout will occur," White says.

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