Corn, soybean prices close higher

Investors watch for the ability for the market to move higher, with weaker crop ratings.

On Wednesday, the CME Group’s farm markets reverse higher.

At the close, the Sept. corn futures settled 6¾¢ higher at $5.51. New-crop Dec. futures finished 6½¢ higher at $5.51. March corn futures finished 6¼¢ higher at $5.58.

Sept. soybean futures closed 9¢ higher at $13.46.

Nov. soybean futures finished 1¢ higher at $13.32. January soybean futures closed ½¢ higher at $13.37.

Sept. wheat futures closed 6¼¢ lower at $7.25½.

Dec. soymeal futures finished $2.90 per short ton lower at $352.80.

Dec. soy oil futures closed 0.69¢ higher at 61.24¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.67 higher (+0.99%) at $68.21. The U.S. dollar is lower, and the Dow Jones Industrials are 75 points higher (+0.21%) at 35,441 points.

Al Kluis, Kluis Advisors, says that the markets will need to close above certain levels to keep the bullishness alive.

“Can December corn close above the Friday high from last week ($5.54)? That would confirm a short-term low in corn prices. The key price to watch in November soybeans is $13.33½. November futures traded above $13.33½ but could not close above that key level on Tuesday,” Kluis stated in a note to customers.

Kluis added, “The USDA Crop Progress report Monday afternoon suggests the U.S. corn and soybean crop may move lower in the September USDA crop report. The soybean crop rating this week is the lowest since 2012. With 30% of the soybean crop in North and South Dakota turning yellow, the rain this week may be too little, too late.”

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Tags: Soybean price, сorn price