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AG: CORN, SOYBEAN PRICES EDGE HIGHER WEDNESDAY
 
DES MOINES, Iowa -- On Wednesday, the CME Group’s farm markets trade slightly higher.

In early trading, the March corn futures are 1¢ higher at $3.70¼, while December futures are 1¢ higher at $3.96¾.

March soybean futures are 1½¢ higher at $10.27. November soybean futures are ¾¢ higher at $10.15.


May wheat futures are 1½¢ higher at $4.37.

May soy meal futures are $1.40 per short ton lower at $340.50. May soy oil futures are 0.32¢ higher at 32.27¢ per pound.

In the outside markets, the Brent crude oil market is 77¢ per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 17 points lower.

The USDA released an 8 a.m. export sale report on Wednesday. Private exporters reported to the U.S. Department of Agriculture cancellations of optional origin sales of 136,000 metric tons of corn for delivery to South Korea during the 2016/2017 marketing year.

The marketing year for corn began September 1.





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TUESDAY’S GRAIN MARKET REVIEW

On Tuesday, the CME Group’s farm futures did not gain much momentum from being closed to start the week.

At the close, the March corn futures finished 1¢ higher at $3.69¼, and December futures finished 1½¢ higher at $3.95¾.

March soybean futures finished 6¼¢ lower at $10.26¼. November soybean futures closed 3¾¢ lower at $10.14½.

May wheat futures ended 5¾¢ lower at $4.49¾.

March soy meal futures finished $2.20 per short ton lower at $337.40. May soy oil futures closed 0.21¢ lower at 32.95¢ per pound.

In the outside markets, the Brent crude oil market is 61¢ per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 108 points higher.

Dustin Johnson, EHedger’s senior strategist, says the funds came to the rescue of corn. “The funds were adding corn long last week, it looks like this is a continuation of that. We are seeing it in the spreads, as well. Dec-Dec climbed 2¢ today. Other than that, I don’t see a fundamental shift as to why.”

On Tuesday, the private exporters reported to the U.S. Department of Agriculture the following activity:

Export sales of 111,200 metric tons of corn for delivery to unknown destinations during the 2016/2017 marketing year.

Export sales of 138,650 metric tons of wheat for delivery to unknown destinations. Of the total 44,100 metric tons of hard red winter, 22,450 metric tons of hard red spring wheat, 23,700 metric tons of white wheat, and 2,400 metric tons of durum wheat are for delivery during the 2016/2017 marketing year. Then 22,200 metric tons of hard red winter wheat, 11,200 metric tons of hard red spring wheat, and 12,600 metric tons of white wheat are for delivery during the 2017/2018 marketing year.

The marketing year for corn began September 1 and wheat began June 1.

Source