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Wheat leads farm markets Wednesday

Updated: 03/19/2014 @ 1:47pm

DES MOINES, Iowa (Agriculture.com)--With fund-buying support, the CME Group soybean and wheat markets closed double-digits higher Wednesday.

The May corn futures contract settled 1 1/2 cents higher at $4.87. The Dec. corn futures finished 1 cent higher at $4.88. The May soybean futures contract settled 13 cents higher at $14.31. November soybean futures settled 6 1/2 cents higher at $11.91. May wheat futures closed 23 1/4 cents higher at $7.15 per bushel. The May soymeal futures contract ended $6.20 per short ton higher at $462.00. The May soyoil futures closed $0.17 lower at $42.10.

In the outside markets, the NYMEX crude oil is $0.16 per barrel lower, the dollar is higher and the Dow Jones Industrials are 53 points lower.

Tim Hannagan, Walsh Trading Inc., grain analyst, says the rally is supported by fund-buying.

"Trend-following funds entered the week still short 25,000 contracts, down from 71,000 six weeks ago. It makes sense their buying back the rest this week, with news of lower crop condition ratings, a arctic cold blast coming next week and continued problems in Ukraine creating export fears," Hannagan says.

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