Grains open Wednesday mixed
The grains are off to a mixed start Wednesday, with corn and wheat trading slightly higher and soybeans dipping just into the red.
In early trading, nearby corn futures are 3 1/4 cents higher at $6.38 per bushel, nearby soybeans are 1/2 cent lower at $14.25 1/2 and nearby wheat's 4 cents higher at $6.29 3/4, according to Barchart.com.
There are some bullish factors lining up for the grains, but there "does not seem to be a real sense of urgency in a bull run," says ICAP Energy LLC Derivatives Manager Scott Shellady.
"News this morning that Chinese interest in U.S. grain after stocks dwindled has helped prop the market up. When you look at the charts, we are also coming into the same support levels that have held the market up since February for both corn and wheat," Shellady said Wednesday morning. "Soybeans continue to move higher and I look for that trend to continue."