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Soybeans close higher

Updated: 04/06/2011 @ 2:16pm

CHICAGO, Illinois (Agriculture.com)--The CME Group grain markets closed mixed Wednesday. 

The May corn futures settled 3 3/4 cents lower at $7.63. The May soybean contract ended 3 1/4 cents higher at $13.76 1/2. The May wheat futures settled 4 cents lower at $7.82 1/4. The May soybean meal futures closed $2.00 per short ton higher at $355.60. The July soyoil futures closed $0.07 lower at $58.78.

In the outside markets, the NYMEX crude oil is $0.36 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 35 points.

Profit-taking is occurring in the corn market. With Friday's USDA Supply/Demand Report expected to show tight but manageable corn stocks, some see the corn market overbought.

Jack Scoville, PRICE Futures Group vice-president, says today's theme is consolidation. 

"I think corn is in a liquidation mode, after running to new contract highs. Buyers are trying to wait this rally out a bit and get a cheaper price. I can't blame them."  

There is uncertainty as to why the beans are higher, he says. "The news from Brazil should be a downer for prices, as the production is big. But, I think spreads against corn and wheat are getting done.  A few forecasts for a shower or two in the southern Plains are hurting wheat. Plus, ideas that USDA will increase ending stocks estimates on Friday," Scoville says.

The outside markets are favorable for the grain trade. Also, USDA announced Wednesday that 101,600 metric tons of U.S. corn was sold to an 'unknown' buyer for 2011-12.

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