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Soybeans, Corn End Mixed Wednesday

The Trade Looks for Demand

DES MOINES, Iowa -- On Wednesday, the CME Group’s farm futures traded in a very narrow range with little fresh news to go on.

At the close, the December corn futures ended 1¾¢ higher at $3.31¾, and March futures settled 1¾¢ higher at $3.42½ per bushel.

November soybean futures settled 1¼¢ lower at $9.42¾; January soybean futures finished 1¢ lower at $9.48.

December wheat futures finished 2¢ higher at $4.03.

December soy meal futures closed $0.40 per short ton lower at $305.70. December soy oil futures settled 0.01¢ higher at 31.86¢ per pound. 

In the outside markets, the Brent crude oil market is $1.24 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 8 points lower.

Pete Meyer, PIRA Energy senior grain analyst, says that the key area for November soybean futures remains right around $9.40. 

“It would seem that buyers are willing to defend that area in the near-term. Overnight export sales have been lacking this week, making more than a few a bit nervous in soybeans. Export sales, tomorrow, will need to provide some sort of lift for this market, or they will remain rangebound as the markets struggle to shake their WASDE hangover,” Meyer says.

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