DES MOINES, Iowa (Agriculture.com)--Despite unfavorable outside markets, creating a broad-based sell-off in commodities, the CME Group new-crop corn and soybean contracts closed slightly higher Wednesday.

The July corn futures settled 2 cents lower at $5.60 1/2, while the Dec. contract closed 3 1/4 cents higher at $5.20 3/4. The July soybean contract ended 11 1/4 cents lower $13.75, while the Nov. 2012 contract ended 1 1/2 cents higher at $12.95. The July wheat futures closed 2 3/4 cents lower at $6.54. July soyoil futures finished down $0.46 at $49.71. The July soymeal futures closed $2.70 per short ton lower at $409.80. 
In the outside markets, the NYMEX crude oil is $2.92 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 141 points.

Tim Hannagan, PFGBest.com senior grain analyst, says support in corn comes from a sharper drop in the USDA condition report than expected. Monday's report indicated the rating deterioration is led by Illinois and Indiana. 

"Most see soybeans' early emergence hurt as well. The rain called for in the next three days is badly needed, but would only gain back 2 to 3% in the good to excellent category for corn versus this week's 5% drop," Hannagan says. 

Corn,beans and wheat look to find a weeks low by Thursday, Hannagen says.

"Then, you can expect higher trade next week on a drier forecast and position-buying late next week. Prior to the June 12 USDA Crop Report, traders again will fear lower ending stocks."