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Soybeans Close 17¢ Higher

Updated: 04/16/2014 @ 6:15pm

DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group's corn, wheat markets came under weather pressure, closing lower.

The May corn futures contract settled 6 1/4 cents lower at $4.97. The Dec. corn futures finished 4 cents lower at $4.99. The May soybean futures contract closed 17 1/2 cents higher at $15.18. The Nov. soybean futures closed 8 1/4 cents higher at $12.37. May wheat futures ended 13 3/4cents lower at $6.88 per bushel. The May soymeal futures contract closed $3.60 per short ton higher at $491.00. The May soyoil futures closed $0.88 higher at $43.71.

In the outside markets, the Brent crude oil is $0.15 per barrel higher, the dollar is lower and the Dow Jones Industrials are 162 points higher.

Mike North, Senior Risk Advisor at First Capitol Ag, says the market is trading weather. "Warmer forecasts in combination with less concern about the damage of freezing weather in the southern plains has led corn and wheat lower while soybeans continue to spread old crop against new crop in a scramble to ration old crop supplies which were tightened even further by yesterday’s crush number coming in 7 million bushels greater than expected."

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