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Wheat Closes Up 9¢ Wednesday

DES MOINES, Iowa ( On Wednesday, the CME Group soybean and wheat markets closed higher, while corn wavered.

At the close, the Dec. corn futures settled unchanged at $3.80 1/2.  Nov. soybean futures finished 3 1/2 cents higher at $8.82.
Dec. wheat futures ended 9 3/4 cents higher at $5.26.
Dec. soymeal futures closed $0.50 per short ton higher at $301.80. Dec. soyoil futures ended $0.35 higher at $28.50. 
In the outside markets, the Brent Crude oil market is $1.42 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 62 points lower.

Mike North, President Commodity Risk Management Group, says that while harvest lingers on, a general lack of fresh fundamental news leaves the market vulnerable to technical trade and peripheral discussions.  

“Wheat has been leading the complex as traders have unwound some their short position.  Corn was able to move through its 20 day moving average of $3.80 and allow buyers a reason to get excited.  Soybeans held a firmer tone all day as well.  In the big picture, however, today's firmer trade does not launch it into new territory.  Corn continues to hug the $3.80 line, while soybeans have settled into a pattern near $8.80.”

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