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Wheat, corn close higher

Updated: 08/18/2010 @ 1:49pm

CHICAGO, Illinois (Agriculture.com)--Short-covering helps wheat close higher, soybeans dip Wednesday.

The Dec corn futures settled 3 1/ cents higher at $4.33 1/4. The Nov. soybean contract closed 11 1/4 cents lower at $10.30 3/4. The Dec. wheat futures ended 5 cents higher at $6.89 3/4. The Dec. soymeal futures contract closed $0.20 per short ton higher at $300.00. The Dec. soyoil futures contract settled 76 points lower at $41.45.

In the outside markets, the NYMEX crude oil is $0.26 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 43 points.

Tim Hannagan, PFGBest.com senior analyst, says short-covering revived a lower start for the wheat market. 

"Wheat opened lower for the third consecutive day, before short covering pushed prices higher into mid-session and the close.  Traders won't start a significant rally unless it becomes apparent Russia's winter wheat planting will fall sharply due to the continued drought. Bulls and bears are trading each day. But, the year's highs for all the grains hit two weeks ago will hold into the September harvest unless the Russian situation prevails," Hannagan says.

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