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Soybean futures close higher

Updated: 09/15/2010 @ 1:57pm

CHICAGO, Illinois (Agriculture.com)--With support from uncertain harvest yields, the CME Group soybean market finished higher Wednesday.

The Dec corn futures settled 1/4 of a cent higher at $4.95 1/4. The Nov. soybean contract ended 7 cents higher at $10.42 1/2. The Dec. wheat futures settled 9 1/4 cents lower at $7.26 3/4.  The Dec. soyoil futures closed 30 points higher at $42.01. The Dec. soymeal futures ended $1.20 higher at $297.70 per short ton.

In the outside markets, the NYMEX crude oil is $0.90 per barrel lower, the dollar is higher, and the Dow Jones Industrials are up 18 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the market seeks fresh harvest news. "No fresh news on the harvest front. So, we're seeing light profit-taking in corn and wheat, with beans marginally higher off news this morning of a sizable soy oil sale. There's a lot of talk about the flooding in India and palm oil problems. This is leading to a surge in soy oil sales."

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