DES MOINES, Iowa (Agriculture.com)--A bullish USDA Report kept the the CME Group soybean market sharply higher all session Wednesday.

The Dec. futures corn contract settled 7 3/4 cents lower at $7.70. Nov. soybean futures contract closed 44 1/2 cents higher at $17.46. Dec. wheat futures settled 7 1/4 cents higher at $8.91 per bushel. The Dec. soyoil futures contract closed $0.58 higher at $56.46. The Dec. soymeal futures contract finished $17.60 per short ton higher at $533.50.

In the outside markets, the NYMEX crude oil is $0.18 per barrel lower, the dollar is lower and the Dow Jones Industrials are 97 points higher.

Alan Brugler, Brugler Marketing & Management LLC president, says  the soybean market is running higher because many believe export sales can't go as low as USDA has projected without higher prices. 

"The global ending stocks forecast was more bearish than anticipated, but USDA didn't cut projected Chinese imports and they are the dominant buyers," Brugler says.

Corn has been acting bearish, ignoring the lower USDA corn yield numbers, he says. "Today, USDA confirmed that the peripheral states have much better yields than the core Corn Belt states, and that takes away some of the most bullish production scenarios. Price rationing still has to take place," Brugler says.