Chicago Board of Trade (CBOT) grains futures closed mixed on Wednesday with soybean futures rising to a one-week high on concerns that the U.S. Department of Agriculture might lower its forecast of the domestic soybean yield in a monthly report next week.
Corn firmed along with soybeans, with firm cash markets lending support. Wheat drifted lower but the bellwether December contract held above a contract low set a day earlier.
The most active corn contract for December delivery rose 2.5 cents, or 0.72 percent, to 3.4825 dollars per bushel. December wheat delivery fell 0.5 cent, or 0.12 percent, to 4.18 dollars per bushel. January soybeans rose 6.5 cents, or 0.66 percent, to 9.9125 dollars per bushel.
In the outside markets, the Brent crude oil market is 0.16 dollar lower, the U.S. dollar is higher, and the Dow Jones Industrials are 64 points higher.
CHS Hedging market analyst Brian A. Rydlund says the new month is driving the soybean rally.
Dustin Johnson, senior strategist for AgYield, says that numerous factors could be behind the soybean market's uptick.
CBOT floor brokers report that funds have bought 6,000 contracts of corn, 2,400 contracts of wheat, and 5,000 contracts of soybeans. Enditem
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