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04-13-2011 09:13 AM - edited 04-13-2011 03:26 PM
At the close: The grains pulled back from sharper gains earlier in the session to close mixed on Wednesday.
At the end of Wednesday's session, nearby corn futures were 3 cents higher at $7.55 1/2 per bushel, while nearby soybeans were 3 3/4 cents higher at $13.33 1/2. Wheat ended the day 6 3/4 cents lower.
Corn and soybeans remained on the plus side Wednesday based mostly on continued tight supply concerns for corn as well as a weather forecast that isn't the greatest for spring planting in the Corn Belt. On the other hand, wheat stumbled Wednesday because of "initial advances on improved weather outlooks for winter wheat crops and sluggish export demand," according to a Dow Jones Newswires report.
At mid-day, nearby corn futures are 10 3/4 cents higher per bushel at $7.63 1/4, while nearby soybeans are 13 cents higher at $13.42 3/4. Nearby wheat is 2 1/2 cents higher at $7.62 per bushel.
Mike's wandering around aimlessly in the countryside bugging guys trying to plant corn this morning, so I'm trying to act like I know what I'm talking about today. Bear with me!
Anyway, here's the scoop on today's market start:
Early calls for the grains are corn up 6-8, wheat up 5-7 and soybeans up 8-10, according to private sources.
Corn's expected to lead the charge Wednesday after a mostly higher overnight trade, as traders continue to move prices amid continued anxiety about tight grain supplies, according to a Dow Jones Newswires report.
Add to that some concerns about planting weather in the Midwest turning cooler and wetter over the next week and there's more room for upside, though it's far from unlimited at this point. Namely, the prospect of livestock producers cutting corn use, thereby trimming demand, remains the biggest potential detractor.