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Grain prices bounce back

Updated: 02/23/2011 @ 2:43pm

CHICAGO, Illinois (Agriculture.com)--The CME Group grain markets rebounded on continued tight supply concerns and an overbought market Wednesday.

The March corn futures settled 11 3/4 cents higher at $6.91 1/2. The March soybean contract closed 22 cents higher at $13.20.  The March wheat futures ended 3/4 of a cent higher at $7.63. The March soymeal futures settled $5.30 per short ton higher at $351.80. The March soyoil futures settled $1.03 higher at $55.02.

In the outside markets, the NYMEX crude oil is $2.91 per barrel higher, the dollar is lower, and the Dow Jones Industrials are down 93 points.

Grain prices rebounded from steep losses on tight supply concerns and a sharply higher crude oil market.

Tim Hannagan, PFGBest.com senior grain analyst, says profit-taking keeps a lid on price gains. "Corn, beans and wheat all traded lower overnight, as pools of unsold long positions at limit down were unfilled and needed the overnight trade to get out. 

But, the break was hard from the Monday night high's, leaving more than enough month-end profits taken by the funds, he says. "This had prices turn up into mid-session. Technically, May corn futures need a close over $6.80, May beans over $13.00 and May wheat over $7.85 to stay bullish on the charts. A close under, this week, keeps the break going."

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