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Farm markets close mostly higher

Updated: 08/10/2011 @ 3:10pm

CHICAGO, Illinois (Agriculture.com)--Pre-USDA Report positioning and a whipsawing U.S. stock market kept pressure on CME Group grain and soybean prices that otherwise held their own Wednesday.

After rising 400 points yesterday, offering support to the grains, the Dow Jones Industrial Average plunged over 500 points Wednesday.

The Dec. corn futures settled unchanged at $6.88 1/2. The Nov. soybean contract settled 1 3/4 cents higher at $13.01 1/2. The Sep. wheat futures closed 13 1/4 cents higher at $6.85. The Dec. soybean meal futures contract ended $2.00 per short ton higher at $345.60 and Dec. soyoil futures closed $0.20 lower at $53.60.

In the outside markets, the NYMEX crude oil is $2.70 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 531 points.

Jack Scoville, PRICE Futures Group vice president, says pre-report positioning and reaction to the extreme stock market movements are driving the grains. "We are seeing some people that have been buying this grain market in the last few days take some profits off the table. But, also, we are looking at the report and saying that due to the recent sell-off things could be more bullish tomorrow," Scoville says. 

Of course, all investors are keeping a close eye on the world equity and financial markets, he says. The DOW plunged on its opening bell and that is having a negative impact on the farm markets.

"Still, you are seeing the grains hold higher due to crop-weather concerns for corn and wheat prices becoming competitive in the world export market," Scoville says. "For soybeans, this August weather is helping that crop much more than corn."

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