Chicago Board of Trade (CBOT) grains futures close higher Wednesday with soybean futures jumping to a two-week high while corn and wheat prices also rising on support from investment fund buying and position squaring ahead of a government crop report due on Thursday.
The most active corn contract for March delivery rose 2.25 cents, or 0.61 percent, to 3.7075 dollars per bushel. March wheat delivery rose 1.75 cents, or 0.41 percent, to 4.325 dollars per bushel. March soybeans added 16 cents, or 1.53 percent, to 10.5875 dollars per bushel.
In the outside markets, the Brent crude oil market is 0.27 dollar per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 28 points lower.
“Soybeans are rising on a two week high in palm oil. That coupled with a technical break out on the charts has given rise to higher prices in the soybean complex today. Corn and wheat are struggling to follow along,” said Mike North, Commodity Risk Management Group analyst.
Firm soybean and soy product prices in China underpinned U.S. soy and there was market chatter that China, which imports roughly two-thirds of global soy exports, bought several U.S. bulk soybean cargoes.
“The funds are long and are pushing their position a little bit,” said Highground Trading broker Scott Capinegro.
The U.S. Department of Agriculture in its monthly supply and demand report due at midday on Thursday was expected to trim its U.S. and global soybean ending stocks estimate and make minor adjustments to its corn and wheat outlooks, analysts said. Enditem