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CBOT corn, wheat end Friday slightly higher as wheat struggles continue

The corn and soybean pits ended Friday slightly on the bullish side, while wheat contined to struggle in the face of improving crop weather and dwindling demand. Now that Friday's session is in the books, all eyes on the floor turn to next week's big USDA reports.

At the close, according to private sources:

  • May '10 corn: 1 1/4 cents higher at $3.56 1/4 per bushel
  • May '10 wheat: 1 3/4 cents lower at $4.64 3/4
  • May '10 soybeans: 9 1/2 cents higher at $9.52
  • Soybean oil and meal both ended higher.

"The Dollar's weakness helped prices," says GFI Group floor analyst Mark Hanna. "Wheat has zero fundamental support. The weather pattern is conducive for HRW and SRW, while demand is poor. Outside markets were listless today."

After the close of Friday's session, attention turns to a big week next week, with USDA's Prospective Plantings report coming Wednesday morning. Hanna says he anticipates a swing of 1 million to 2.5 million acres from corn to soyobeans in next week's report, but adds there's a lot of uncertainty in the acre projections.

"We continue to be struggling with just how many corn acres we will lose to soybeans," Hanna says.

Looking beyond Wednesday, it won't take long for crop weather to take center stage in the CBOT pits. "The market is focused squarely on next Wednesday, and beyond that, on the upcoming weather patterns," Hanna adds.

The corn and soybean pits ended Friday slightly on the bullish side, while wheat contined to struggle in the face of improving crop weather and dwindling demand. Now that Friday's session is in the books, all eyes on the floor turn to next week's big USDA reports.

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