CHICAGO, Illinois (Agriculture.com)--With more planting weather concerns, short-covering trades, and supportive outside markets, the CME Group grain and soybean prices closed higher Wednesday.

The July corn futures settled 9 cents higher at $7.42 1/4. The July soybean contract closed 4 3/4 cents higher at $13.77. The July wheat futures settled 16 3/4 cents higher at $7.96 1/2. The July soybean meal futures closed $0.90 per short ton lower at $358.30. July soyoil settled $0.48 higher at $57.96.
In the outside markets, the NYMEX crude oil is $1.51 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 47 points.

Tim Hannagan, PFGBest.com senior grain analyst, says short-covering and portfolio balancing is supporting a rally Wednesday.

"After a Sunday to Wednesday night low break in prices; 55 cents for

corn, 60 on wheat and 30 cents on beans, we're seeing some of the shorts covering and funds balancing their portfolios ahead of month-end and our three day

holiday," Hannagan says. 

The break came as funds pulled handsome profits out, he says. "Now we have talk of a warm, dry planting pattern setting up after May 30, allowing planting to complete before June 10."

Meanwhile, Tom White, a CME Group corn pit trader, says all information is bullish. 

"With continued rain, this presents problems for final planting. We are losing acreage weekly. We rallied a dollar from last week and funds sold beginning this week on profit-taking. But, now they are looking to get back in," White says. 

If corn goes above $7.65, this week, that could confirm strength, White says.