The desire to own commodities has helped turn the grain prices from a lower open to a higher mid-session trade Wednesday.
At mid-session, the March corn futures are 12 cents higher at $5.73 3/4. The Jan. soybean contract is 8 1/2 cents higher at $12.94. The March wheat futures are 6 3/4 cents higher at $7.91 1/2. The Jan soymeal futures are $3.50 per short ton higher at $347.00. The Jan soyoil futures are 6 points higher at $53.86.
In the outside markets, the NYMEX crude oil is $0.23 per barrel lower, the dollar is higher, and the Dow Jones Industrials are up 5 points.
Shawn McCambridge, Prudential Bache Commodities LLC senior grain analyst, says technical pressure pulling the markets down early has lifted. "Prices turned around with high interest in owning commodities on inflation concerns and world weather production concerns," McCambridge says.
Heading into Friday's USDA December Supply/Demand Report, positioning and profit-taking is expected. "But, the downside should be limited. The December USDA report is seen as a neutral-to-friendly. In general, the report is seen as a non-event," McCambridge says.
