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Corn prices march higher

Updated: 09/01/2010 @ 2:18pm

CHICAGO, Illinois (Agriculture.com)--At mid-session, the CME Group grain markets continue to be well supported Wednesday. The outside markets provide significant underpinning for the grains, traders say.

At mid-session, the Dec corn futures are 7 cents higher at $4.46 1/4. The Nov. soybean contract is 3 3/4 cents higher at $10.13 3/4. The Dec. wheat futures are 14 3/4 cents higher at $7.00 1/2. The Dec. soymeal futures are $0.60 per short ton higher at $295.80.

In the outside markets, the NYMEX crude oil is $2.14 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 247 points.

Tim Hannagan, PFGBest.com senior analyst, says the new month sees some of that money, taken out at the end of August, coming back into the long side. "Also, traders continue to talk of uncertain yields ahead on the harvest, strengthening demand and potential of a bullish USDA crop report next Friday. Solid reasoning is to not be short the market, yet gains may be limited as traders could be reluctant to add too many longs on their books with a three day holiday weekend coming up."

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