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Soybeans close up 23¢

Updated: 01/16/2013 @ 3:02pm

DES MOINES, Iowa (Agriculture.com)--Short-covering, buying and South American crop-weather concerns helped underpin the CME Group soybean market Wednesday.

The March futures corn contract closed 3/4 of a cent higher at $7.31. The March soybean futures contract finished 23 cents higher at $14.36. March wheat futures settled 2 cents higher at $7.85 per bushel. The March soyoil futures contract closed $0.44 higher at $51.31. The March soymeal futures finished $7.20 per short ton higher at $419.10. The March soyoil futures settled $0.44 higher at $51.31.  

In the outside markets, the NYMEX crude oil is $0.88 per barrel higher, the dollar is higher and the Dow Jones Industrials are 32 points lower.

Tim Hannagan, Alpari (U.S.) senior grain analyst, says the corn, beans and wheat markets traded up to there resistance levels on the charts hit yesterday, off short covering and buying from last Fridays USDA Crop Report. 

"The morning ethanol report, showing a sharp drop in weekly production, came out bearish with larger inventories and that took corn from up 4 to down 4 cents. That pulled wheat down on the day as well," Hannagan says. 

Breaks are limited, until next week's weather in Argentina and Brazil becomes clearer, he says. It's dry this week and if they expand the dryness another week, we could see higher prices come Friday on fear of an extended dry period cutting yields."

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