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Farm markets find higher close

Updated: 02/05/2014 @ 2:07pm

DES MOINES, Iowa (Agriculture.com)--After starting the session lower, the CME Group corn, soybean and wheat markets found just enough support to close higher Wednesday.

The March corn futures contract settled 1 1/2 cents higher at $4.43. The March soybean futures contract finished 3 cents higher at $13.16. March wheat futures finished 3 cents higher at $5.87 per bushel. The March soymeal futures contract closed $5.00 per short ton lower at $442.00. The March soyoil futures finished $0.52 higher at $38.23.

In the outside markets, the NYMEX crude oil is $0.09 per barrel higher, the dollar is lower and the Dow Jones Industrials are 6 points lower.

Pete Meyer, PIRA grain analyst, says the grain news is sparse.

"There’s really a vacuum of any usable news at the moment.  The corn market seems to have found both buyers and sellers around the $4.40 level while the soybean market appears willing to take its cue from the money flow," Meyer says.  

Concerns over Chinese cancellations seem to have abated, though tomorrow’s USDA weekly export sales report may offer some additional information, he says.  

"In wheat, the state condition reports scared more than a few of the shorts out yesterday, a trend that seems to be continuing today."

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