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Corn, wheat prices close up

Updated: 11/07/2012 @ 2:47pm

DES MOINES, Iowa (Agriculture.com)--With world crop-weather issues popping up creating supply concerns, the CME Group corn and wheat markets closed higher Wednesday.

The Dec. futures corn contract finished 3 cents higher at $7.44. Jan. soybean futures contract closed 8 cents lower at $15.07. Dec. wheat futures settled 17 cents higher at $8.94 per bushel. The Dec. soyoil futures contract closed $0.06 at $48.62. The Dec. soymeal futures contract finished $3.20 per short ton lower at $469.50.

In the outside markets, the NYMEX crude oil is $4.28 per barrel lower, the dollar is higher and the Dow Jones Industrials are 245 points lower.

Tim Hannagan, Alpari (U.S. ) senior grain analyst, says all three grains made sharp lows overnight on a knee jerk effect from the election results. 

"The low was met by short covering and new buying. Beans hit a low 75 cents off last week's high and corn 21 cents off the high. So, traders want to cover risk and take profits ahead of Friday's USDA crop report," Hannagan says.

No one expects any surprises Friday, he says. "But, 'shorts' have the profit. Therefore, the risk and trade fear before fact that there could be a bullish surprise. This fear is carried over from the bullish drought reports this summer."

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