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