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Wheat closes higher

12/02/2010 @ 9:40am

CHICAGO, Illinois (Agriculture.com)--The CME Group grain markets finished Thursday's trading session the same way they opened, wheat higher and every other commodity lower. Wheat had day-long support from world crop-weather concerns. 

The March corn futures settled 10 3/4 cents lower at $5.55 1/2. The Jan. soybean contract closed 3 1/4 cents lower at $12.79 3/4. The March wheat futures settled 9 cents higher at $7.06 1/2. The Jan. soyoil futures contract settled $0.23 higher at $52.84. The Jan. soymeal futures contract closed $2.80 per short ton lower at $345.70.

In the outside markets, the NYMEX crude oil is $1.25 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 107 points.

Jack Scoville, PRICE Futures Group vice-president, says wheat is a weather market, with cold Midwest weather increasing winterkiill. "This weather concern is just a little more to beat on the poor winter wheat this year.  Plus, it's still raining in Australia, and getting very cold in Russia and Ukraine to put some winterkill heat on the crops there," Scoville says.
Corn and soybeans had more of a choppy affair Thursday. "With soybeans getting support from the export sales and both pits getting support from dollar weakness, still the two commodities experienced selling at the end of the day," he says. 
Scoville notes that corn barely took out the high of yesterday and could not do anything with it. "I have targets of $5.70 to $5.73 for the first move higher.  That implies that some short term profit-taking is possible.  Longer term, though, the supply and demand side of the market still looks price positive, so any setback that might come should be short lived if it comes at all," he says.

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