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Grains mixed as blizzard continues

02/02/2011 @ 2:41pm

CHICAGO, Illinois (Agriculture.com)--Strong demand causing increased concern of tight supplies pushed up the CME Group soybean prices Wednesday. Wheat closes up on weather concerns.

The March corn futures settled 3 1/4 cents higher at $6.69 1/2. The March soybean contract closed 6 cents higher at $14.44.  The March wheat futures closed 27 1/4 cents higher at $8.63. March soybean meal futures settled $3.10 lower per short ton at $386.90. The March soyoil futures settled $0.53 higher at $59.25.

In the outside markets, the NYMEX crude oil is $0.29 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 13 points.

Freezing temperatures headed for the Plains states could cause winter-kill for 25% of that regions wheat crop, one analyst says. Therefore, the wheat market shot higher Wednesday.

USDA announced 400,000 metric tons of U.S. soybean sales to China Wednesday. That news reaffirms the trade's concern of tightening supplies.

Meanwhile, Jack Scoville, PRICE Futures Group vice-president, says today's trading is based on 'buy the rumor and sell the fact'. 

"The storm is now moving east and what is done is done.  Plus the Dollar is a little higher and things seem fairly quiet today in the Mideast.  I have not seen a lot of action on either side of the market so far, I think it is mostly larger spec trading and some funds too.  My guys, farmers or industry, are quiet so far today, but many sold the rally yesterday to get out before today.  A very light volume day, so far, as most people have snow shovels in hand and not computers," Scoville says.

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Soybeans Rally on Demand, Weather