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Wheat market leads the grain floor

Updated: 10/28/2010 @ 1:53pm

CHICAGO, Illinois (Agriculture.com)--Though the CME Group corn and soybean markets finished slightly higher, wheat prices remained well supported into the close Thursday. Increased demand, a weaker wheat crop rating and a weakening U.S. Dollar underpinned grain markets.

The Dec corn futures settled 1 3/4 cents higher at $5.79. The Nov. soybean contract ended 1 1/4 cents higher at $12.25. The Dec. wheat futures closed 15 1/2 cents higher at $7.18 1/4.  The Dec. soymeal futures contract closed $0.04 higher at $336.30 per short ton. The Dec. soyoil futures contract is $0.10 higher at $49.70.

In the outside markets, the NYMEX crude oil is $0.23 per barrel higher, the dollar is lower, and the Dow Jones Industrials are down 25 points.

Tim Hannagan, PFGBest.com analyst, says describing today's market is pretty simple, it's a demand- driven day. "Today's export sales show China continuing to overbook U.S. beans as insurance against dry planting conditions in Brazil. Additionally, wheat is posting sharp gains again as shorts cover and specs buy," Hannagan says.

He adds, "Buying is occurring after Monday's crop condition report put wheat at 47% in good to excellent condition, the lowest rating since 1991. The market is sensitive after the world's number three exporter, Russia's drought had them suspend exports. Now, number one exporter, the U.S., is off to a bad start and creating some concern in the market."

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