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Profit-taking Pushes Corn, Soybeans to Higher Closing Prices Wednesday

Updated: 07/16/2014 @ 2:44pm

DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group corn, soybean and wheat markets finished higher on profit-taking of short positions.

The Dec. corn futures closed 5 cents higher at $3.86.

Nov. soybean futures finished 15 3/4 cents higher at $11.02.

Sep. wheat futures finished 1/4 of a cent higher at $5.38.

The Dec. soymeal futures contract closed $9.60 per short ton higher at $356.80.

In the outside markets, the NYMEX Brent crude oil is $1.17 per barrel higher, the dollar is higher and the Dow Jones Industrials are 67 points higher.Tim Hannagan, Walsh Trading Inc. senior grain analyst, says profit-taking (traders selling short positions) is pushing the farm markets up, today.

"Big breaks in the markets always bring on profit taking. Profit taking is a little easier with talk in the back ground of a potential heat dome moving into the Midwest next week. Plus, the some in the trade feel like an early frost is certain this year," Hannagan says.

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