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Corn, wheat close higher

Updated: 10/17/2011 @ 2:32pm

DES MOINES, Iowa (Agriculture.com)--With little gain in the CME Group corn and wheat markets, the soybean trade fell sharply on profit-taking Monday. 

The Dec. corn futures closed 1/2 of a cent higher at $6.40 1/2. The Nov. soybean contract finished 17 cents lower at $12.53. The Dec. wheat futures ended 1 1/2 cents higher at $6.24 1/4. The Dec. soymeal futures finished $4.60 per short ton higher at $323.00. The Dec. soyoil futures settled $0.64 lower at $52.90.

In the outside markets, the NYMEX crude oil is $0.38 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 209 points.

Sott Shellady, ICAP Energy grain trader, says the start of the week was very quiet. "The action was very slow, as if the market was waiting for something. Corn is virtually unchanged on the day as well as the wheat, while soybeans are down on the day. The equity market is getting hit today, but it looked like the grain markets were not affected today." 

Tim Hannagan, PFGBEst.com senior grain analyst, says choppy is the best word to describe Monday's trade. "Corn is choppy and two-sided, as good weather ahead allows for a faster harvest pace, pressuring corn. But, with China in the market buying corn last week and thinking they may be in for more leaves us with harvest-selling and demand-buying. Beans see an extremely fast harvest this week, as growers get to beans first and let more corn sit in the fields and dry, saving those costs of drying."

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