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Wheat, corn close sharply higher

Updated: 09/09/2010 @ 1:47pm

CHICAGO, Illinois (Agriculture.com)--Ahead of tomorrow's very highly anticipated USDA report, the CME Group wheat and corn markets closed sharply higher Thursday.

The Dec corn futures settled 8 1/4 cents higher at $4.70 3/4. The Nov. soybean contract closed 2 3/4 cents lower at $10.46. The Dec. wheat futures ended 27 cents higher at $7.38. The Dec. soyoil futures closed 9 points lower at $41.59. The Dec. soymeal futures closed $0.28 lower at $302.00 per short ton.

In the outside markets, the NYMEX crude oil is $0.47 per barrel lower, the dollar is higher, and the Dow Jones Industrials are up 20 points.

Tim Hannagan, PFGBest.com senior analyst, says the markets are trading places, from the day earlier, when longs that sold wheat heavily, taking profits yesterday, see new speculative longs buying today. 

"Longs and shorts found their prices to offset the last two days, but we should expect a firmer close. Longs could win out, as most expect a bullish crop report Friday," Hannagan says.

Jack Scoville,  PRICE Futures Group vice-president, is surprised soybean pries are lower.

"I am not real sure why the beans are so weak, although it does look like we will get some rain this weekend and maybe this will help with the  pod-fill.  I know Chinese prices were weak for oilseeds and grains today, so the soybeans are probably reacting to that as well," Scoville says. 

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