(Agriculture.com) – With the ‘bulls’ outpowering the ‘bears’, the CME Group soybean, corn and wheat markets closed higher Wednesday.
The March futures corn contract settled up 4 cents at $7.09. The March soybean futures contract settled 9 cents higher at $14.57. March wheat futures finished 1 cent lower at $7.04 per bushel. The March soyoil futures contract finished $0.45 higher at $49.27. The March soymeal futures are trading $1.60 per short ton higher at $429.30.
In the outside markets, the NYMEX crude oil is $0.18 per barrel higher, the dollar is lower and the Dow Jones Industrials are 175 points higher.
Jack Scoville, PRICE Futures Group vice president, says the soybean market is weighing bullish and bearish news, with the bulls winning out.
“It’s a battle between tight supplies and the export buying Wednesday vs harvest progress in Brazil and worries that China or whomever could cancel the purchases at any time,” Scoville.
Scoville adds, “So you see both sides of unchanged. Spreads firm on tight supplies and the sales reports. Mostly specs both sides I think, my producer and commercials have been quiet today.”
Wheat and corn markets are about corn being extremely tight and demand shifting to wheat for feed in the U.S., he says.
“Plus, some optional origin stuff got done in wheat yesterday. I got mostly spec buying there buy my commercial types have been interested in buying too,” Scoville says.
