Home / Markets / Markets Analysis / Corn market / Profit-taking Pushes Corn, Soybeans to Higher Closing Prices Wednesday

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

07/16/2014 @ 1:31pm

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.


The Latest From Marketing Talk

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Soybeans Close 18¢ Lower By: 10/30/2014 @ 8:47am DES MOINES, Iowa (Agriculture.com)—The CME Group farm markets close lower Thursday.At the close…

Corn, Wheat to Trade Higher Thursday By: 10/30/2014 @ 7:44am On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start…

Soybeans Close 35¢ Higher Wednesday By: 10/29/2014 @ 9:12am DES MOINES, Iowa (Agriculture.com)—On Wednesday, the CME Group soybean complex ended on a sharp…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Looking Out for Soybean Cyst Nematodes