Corn, soybeans closed mixed
DES MOINES, Iowa (Agriculture.com)--As they started, the CME Group corn, soybean markets finished mixed Wednesday.
At the close:
The July corn futures closed 2 1/2 cents lower at $6.10, while the Dec. contract finised 1 cent higher at $5.64 1/2. The July soybean contract closed 9 1/2 cents higher $14.43 1/4, while the Nov. 2012 contract settled 8 3/4 cents higher at $13.93 3/4. The July wheat futures closed 10 1/2 cents higher at $6.60. July soyoil futures finished $0.34 higher at $50.78. The July soymeal futures settled $.50 lower at $427.40.
In the outside markets, the NYMEX crude oil is $2.93 per barrel lower, the dollar is higher and the Dow Jones Industrials are 51 points lower.
Tim Hannagan, PFGBest.com senior grain analyst, says it's been transition day. First, the markets priced in this week's hot dry weather into Tuesday/Wednesday highs to profit-taking, then deciding if they should buy long or short for next week on Friday," Hannagan says. Next week looks cooler but dry. So the downside is limited to profit- taking and no hard selling, he says.