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Soybeans close higher, corn, wheat lower

Updated: 09/23/2010 @ 1:57pm

CHICAGO, Illinois (Agriculture.com)--Wheat sinks further in late CME Group trading, soybeans close higher Thursday.

The Dec corn futures settled 5 3/4 cents lower at $4.99 1/4. The Nov. soybean contract finished 5 cents higher at $10.93 1/2. The Dec. wheat futures settled 22 1/2 cents lower at $6.99.  The Dec. soyoil futures closed 64 points higher at $43.90. The Dec. soymeal futures settled $0.90 lower at $309.50 per short ton.

In the outside markets, the NYMEX crude oil is $0.33 per barrel higher, the dollar is higher, and the Dow Jones Industrials are down 26 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the markets are acting as expected Thursday. "After hitting those highs Sunday and Monday, we saw month-end profit-taking into the middle of the week by large trading funds, fat with profits. But lows could be in for the day, with buying late in the session."

Hannagan adds, "Traders anticipate another higher close Friday, in anticipation of weekend harvesting unveiling poor corn and bean yields. Monday's crop condition report showed harvest underway in the lowest crop condition states in the eastern Corn Belt and southern Delta."

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