Home / Markets / Markets Analysis / Soybeans market / Wheat leads farm markets Wednesday

Wheat leads farm markets Wednesday

03/19/2014 @ 8:39am

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.

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Soybeans Close Higher, Corn Lower By: 08/18/2014 @ 8:39am DES MOINES, Iowa (Agriculture.com)--After starting lower, the CME Group soybean market finished…

Corn Market Seen Higher Monday By: 08/18/2014 @ 8:08am On Monday, the CME Group's corn, soybean, and wheat markets are expected to start mostly…

Summing Up a Head-Scratcher of a Grain… By: 08/15/2014 @ 12:46pm Traders end the week the same way they started it, by scratching their heads. Confusion reigned…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Can Corn Catch Fire in September?