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Grains close lower

Updated: 10/06/2010 @ 4:05pm

CHICAGO, Illinois (Agriculture.com)--The CME Group grain markets settled much like they traded all session, lower Wednesday.

The Dec corn futures settled 2 1/4 cents lower at $4.88 1/2. The Nov. soybean contract closed 9 3/4 cents lower at $10.62. The Dec. wheat futures ended 5 1/4 cents lower at $6.58 1/4. The Dec. soymeal futures contract settled $3.50 lower at $295.80 per short ton. The Dec. soyoil futures closed $0.04 lower at $43.78.

In the outside markets, the NYMEX crude oil is $0.41 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 41 points.

Tim Hannagan, PFGBest.com senior analyst, says today's market traded differently than it has all week. "We saw short covering and speculative buying Monday and Tuesday with pre-report positioning ahead of Friday's big grain report. But, that’s over and today is choppy two-sided with some of the longs that bought the weeks opening lows selling out. Thursday looks to see a higher corn trade and flat wheat and beans based on pre report trade guesses on the report."

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