The CME Group corn, soybeans, and wheat markets closed mixed Wednesday.

The March corn futures settled unchanged at $6.58 1/2. The March soybean contract closed 2 1/2 cents higher at $12.30. The March wheat futures closed 7 cents lower at $6.50. The March soymeal futures finished $1.40 per short ton higher at $320.60. The March soyoil futures ended $0.08 lower at $53.03.
In the outside markets, the NYMEX crude oil is $0.25 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 24 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the trade is done pricing in this week's dry weather in Argentina. "With outside markets weaker we're seeing some long side profit-taking. Additionally, next Tuesday some rain looks to enter Argentina and could keep people from buying ahead of the weekend," Hannagan says. 

Should the traders come into work Monday and see the markets open lower, it will be a great buying opportunity, Hannagan says. "The 11-day outlook sees the heat dome back in Argentina by January 14 and traders fear next Thursday's USDA Crop Report will be bullish, therefore no one will want to be short and speculators will want to buy long." 

Meanwhile, marketwatchers should not let the current bullishness of the South America weather overshadow the ongoing bearish factors for the corn market, says one CME Group floor trader, requesting anonymity.

"I don’t want to mitigate the problem in South America. But, I struggle to wonder if Argentina's crop loss in corn is going to make the difference in corn exports or not. The corn market has run 80 cents higher in two weeks," the floor trader says. 

Plus, the ethanol producer continues to run in the red, with plenty of Renewable Identification Numbers (RIN) out there. RINs are used by oil companies to show that a certain volume of renewable fuel was produced or imported. To remain compliant, producers are required to meet the renewable volume requirement.