Farm markets end mixed
DES MOINES, Iowa (Agriculture.com)--After starting mostly weaker, the CME Group corn, soybean and wheat markets saw two-sided trading, closing mixed Wednesday.
The Sept. futures corn contract settled 2 cents higher at $5.53. New-crop Dec. corn futures ended 1 cent lower at $5.21. The Aug. soybean futures contract finished 3 cents lower at $14.64, new-crop Nov. soybeans closed 8 cents higher at $12.84. Sept. wheat futures settled 2 cents higher at $6.79 per bushel. The Aug. soymeal futures closed $0.80 short ton higher at $449.70. The Aug. soyoil futures closed unchanged at $47.02.
In the outside markets, the NYMEX crude oil is $2.87 per barrel higher, the dollar is lower and the Dow Jones Industrials are 9 points higher.
Ken Smithmier, The Hightower Report grain analyst, says the market is using weather to rally.
"The fear of detrimental weather is in place, technical action favors follow through, and the prospects of high temps into pollination leaves the path of least resistance pointing upward for corn," Smithmier says. Smithmier adds, "With the added element of a recent spec short positioning, that could mean a September corn rally back into the early June consolidation zone bound by $5.66 to $6.00."