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Corn ends sharply higher

Updated: 04/01/2011 @ 1:54pm

CHICAGO, Illinois (Agriculture.com)--The CME Group corn futures closed sharply higher, after hitting a 2 1/2 year high Friday. Wheat and soybeans found pressure from profit-taking.

The May corn futures settled 39 1/4 cents higher at $7.32 1/2. The May soybean contract closed 15 cents lower at $13.95. The May wheat futures settled 2 3/4 cents lower at $7.60 1/2. The May soybean meal futures closed $6.90 per short ton lower at $360.80. The July soyoil futures closed lower.

In the outside markets, the NYMEX crude oil is $1.26 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 85 points, reaching a 2011 high.

Jack Scoville, PRICE Futures Group vice-president, says the market saw profit-taking, in the corn, for sure.  "After all, 75 cents in two sessions going, into the weekend, would have me moving to the door too," Scoville says.  

Scoville adds, "Soybeans lower on talk that China has postponed or cancelled shipments in Brazil.  Wheat, with no real reason to rally for the minute, so a two-sided affair there. Corn saw profit-taking from specs, maybe some farm-selling too.  Prices are good for farmers, so anyone who calls me is told to sell a bit of cash here." 

Next week could be a long liquidation week, or at least early on, he says. "But, we will start to pay more attention to the weather now.  We need very good weather to get the best yields and we need the best yields too.  Overall, any selling will be met with strong buying interest. So, any downside is limited in any of these markets." 

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