Old-crop prices end higher
DES MOINES, Iowa (Agriculture.com)--The CME Group corn and soybean old-crop contracts closed higher, while the new-crop prices dip Wednesday.
The Sep. corn futures settled 5 cents higher at $5.04 per bushel. The Dec. corn futures contract closed 5 cents lower at $4.80. The Sep. soybean futures contract ended 19 cents higher at $14.33, and new-crop Nov. soybeans settled 2 cents higher at $13.72. Dec. wheat futures finished 4 cents lower at $6.59 per bushel. The Dec. soymeal futures closed $1.10 per short ton lower at $429.30. The Dec. soyoil futures finished $0.26 higher at $44.78.
In the outside markets, the NYMEX crude oil is $0.95 per barrel higher at $109.00, the dollar is higher, and the Dow Jones Industrials are 53 points higher.
Peter Meyer, PIRA Energy Group senior director of agricultural commodities, says it's a weather market.
"We’re trading a weather market," Meyer says. "Since some relief to the heat has surfaced in the forecasts, along with a chance of showers for some areas over the weekend, we’ve seen some selling come back into the market." Overall, investor sentiment is still bearish in corn, though traders seemed to have taken a liking to soybeans over the past week or so, Meyer says. "The markets looks like it will remain pretty volatile in the short-term, until a clearer picture develops with the release of the September Farm Service Agency's acreage data, the September Quarterly Stocks Report, and the October WASDE. We believe that the September WASDE will be a nonevent," Meyer says.