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Corn closes higher

Updated: 03/08/2013 @ 2:43pm

DES MOINES, Iowa (Agriculture.com)--Reacting to the USDA lowering the U.S. corn carryout estimate in today's WASDE Reports, the CME Group corn market finished strongly. Wheat and soybeans were pressured by the USDA data Friday.

The May futures corn contract settled 12 cents higher at $7.03. The May soybean futures contract finished 2 cents lower at $14.71. May wheat futures ended 1 cent higher at $6.97 per bushel. The May soyoil futures contract closed $0.27 lower at $50.34. The May soymeal futures finished $0.90 per short ton lower at $435.20. 

In the outside markets, the NYMEX crude oil is $0.30 per barrel higher, the dollar is higher and the Dow Jones Industrials are 52 points higher.

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