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Corn, soybeans close higher

Updated: 12/04/2013 @ 2:08pm

DES MOINES, Iowa (Agriculture.com)--The CME Group corn and soybean markets, closing higher, us strong demand for price support Wednesday.

The Dec. corn futures contract settled 3 1/2 cents higher at $4.25. The Jan. soybean futures contract ended 9 3/4 cents higher at $13.29. March wheat futures finished 6 cents lower at $6.61 per bushel. The Jan. soymeal futures contract ended $1.80 per short ton higher at $447.90. The Dec. soyoil futures closed $0.24 higher at $40.14.

In the outside markets, the NYMEX crude oil is $1.22 per barrel higher, the dollar is higher and the Dow Jones Industrials are 57 points lower.

Tim Hannagan, Walsh Trading Inc. senior grain analyst, says the traders are unwinding some long wheat/short corn spreads today. 

"Some corn strength comes as traders are discounting recent news of China rejecting corn shipments on findings of unapproved bio seed. The trade sees it as political, with vice president Biden arriving in China to talk of concern over the fly zone issue. They believe China, due to needs, was accepting unapproved seed all along, with recent rejections a political ploy and only temporary."

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