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Corn, wheat close higher

Updated: 08/16/2012 @ 2:34pm

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

The Dec. futures corn contract settled 3 1/2 cents higher at $8.07 1/2. The Nov. soybean contract closed 9 cents lower at $16.25. Dec. wheat futures finished 15 1/2 cents higher at $8.81 per bushel. 

In the outside markets, the NYMEX crude oil is $1.19 per barrel higher, the dollar is lower and the Dow Jones Industrials are 99 points higher.

Terry Roggensack, The Hightower Report co-founder, says the markets are mixed, as commodities have separate drivers.

"Wheat rallied, overnight, off of increased Russian exports that continue to deplete that country's stocks. Corn was supported by poor yields in western Iowa. And soybean prices were hurt by this belief that the current rains have helped boost yield potential," Roggensack says.

Also, the U.S. Farm Service Agency Thursday released its first installment of its county-by-county acreage sign-up. Though farmers have until September to sign-up, the report indicates that the U.S. could see an extra 1.8 million acres vs. previous USDA expectations. 

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