Wheat Closes Higher, Off Six-Year Lows
DES MOINES, Iowa (Agriculture.com)— On Wednesday, the CME Group’s corn market fell for the sixth straight session, while wheat found buying interest to end up.
At the close, the March corn futures settled 3/4 of a cent lower at $3.60 1/4. March soybean futures closed 1 cent lower at $8.62 1/4. March wheat futures finished 3 3/4 cents higher at $4.61 1/4. March soymeal futures ended $2.10 per short ton lower at $261.00. March soyoil futures closed $0.31 higher at $31.01. In the outside markets, the Brent Crude oil market is $0.45 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 15 higher.
Jason Roose, U.S. Commodities grain analyst, says that the markets are still reacting to Tuesday’s USDA reports.
“Grains will continue to trade mixed, after digesting the yesterday's modest negative crop report,” Roose says.
He adds, “Any firm tone will be limited by producer selling and competitive wheat values. A stronger dollar is not a positive for the grains today, nor is the softer energy trade.”
On Wednesday, private exporters reported to the U.S. Department of Agriculture export sales of 243,000 metric tons of corn for delivery to Japan during the 2016/2017 marketing year.
The marketing year for corn began Sept. 1.