As the harsh winter continues, fears of wheat crop damage is underpinning the CME Group's wheat prices Thursday.
At the close, the March corn futures contract settled 2 3/4 cents higher at $4.29. The March soybean futures contract ended 2 1/2 cents lower at $12.77. March wheat futures closed 8 3/4 cents higher at $5.70 per bushel. The March soymeal futures contract finished $0.70 per short ton lower at $418.70. The March soyoil futures closed $0.02 higher at $37.86.
In the outside markets, the Brent crude oil is $0.58 per barrel higher, the dollar is lower and the Dow Jones Industrials are 190 points lower.
Tim Hannagan, Walsh Trading Inc senior grain analyst, says wheat saw fund profit taking today after hitting the months low and 60 cents off the high of January.
"Funds can pay bonuses on profits taken before months end. Beans broke 70 cents off last week's high. So, profit-taking was today's reason for strength. But, we also saw new selling off the bean high, as traders see good weather in South America the next seven days and a bearish export sales report Friday," Hannagan says.
