Grains higher despite bearish pressures
The grains look like they're heading out of 2011 on a higher note, with higher prices in all pits at mid-day.
March corn's 6 3/4 cents higher at $6.44 3/4 per bushel, January soybeans are 13 1/2 higher at $12.01 and March wheat's 7 cents higher at $6.52 1/4, according to Barchart.com.
Prices remain buoyed by crop-stressing weather in South America as well as year-end positioning on the CME Group floor, market-watchers say. The upward move comes despite a lower U.S. Dollar Index and just slightly bullish export sales numbers for soybeans and wheat, but neutral to bearish numbers for corn.
"Soybeans will start closing the gap now and it appears it has started. Again, there is talk that corn exports will have to be adjusted up given the S.A. situation," says Agriculture.com Marketing Talk senior contributor Mizzou_Tiger.