(Agriculture.com) – On Wednesday, the CME Group’s corn, soybean and wheat markets closed higher for a second session in a row.
At the close, the March corn futures settled 4 1/4 cents higher at $3.67 1/4. March soybean futures finished 2 3/4 cents higher at $8.82 1/2. March wheat futures ended 4 1/4 cents higher at $4.68 1/2.
March soymeal futures closed $1.20 per short ton lower at $263.60.
March soyoil futures settled $0.38 higher at $31.99.
In the outside markets, the Brent Crude oil market is $1.69 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 246 higher.
Jason Roose, U.S. Commodities grain analyst, says that the markets have turned higher due to short-covering.
“We are seeing nice short covering in the grains today, with the funds record short or near in the grains. It will not take much news to see a higher daily trade,” Roose says.
Roose adds, “Other things that are helping prop up commodities include a waker dollar, optimism in corn exports in corn from yesterday’s purchase, slow farmer selling, port delays at Brazil’s loading areas due to too much rain.”
