DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean markets closed higher Thursday.

The May corn futures settled 1 1/4 cents higher at $6.42 1/2. The March soybean contract ended 4 3/4 cents higher at $12.83 1/2. The March wheat futures closed 4 3/4 cents lower at $6.41.  The March soymeal futures finished $1.50 per short ton higher at $335.30. The March soyoil futures settled $0.02 lower at $54.59.
In the outside markets, the NYMEX crude oil is $2.08 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 46 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the market traded higher because the USDA Ag Outlook numbers were not as bearish as first thought. "The common thinking is the government always starts high on estimates and demand continues strong as importers make up for south American losses which are locked in as the growing season winds down," Hannagan says.