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Corn Ends Slightly Higher, Soybeans Lower

05/23/2014 @ 9:05am

DES MOINES, Iowa (Agriculture.com)--The CME Group corn prices finished higher, soybean and wheat markets lower Friday.

The July corn futures contract settled 1 1/4 cents higher at $4.78. The Dec. corn futures settled 1 3/4 cents higher at $4.75. The July soybean futures contract finished 3 1/4 cents lower at $15.15. The Nov. soybean futures finished 5 cents lower at $12.65. July wheat futures ended 6 3/4 cents lower at $6.52 per bushel. The July soymeal futures contract closed $1.10 per short ton higher at $502.60. The July soyoil futures settled $0.48 lower at $40.38.
In the outside markets, the NYMEX Brent crude oil is $0.34 per barrel lower, the dollar is higher and the Dow Jones Industrials are 55 points higher.

Jack Scoville, PRICE Futures Group vice-president, sizes up today's market action with reference to positioning before the long weekend.  

"Some traders are getting out of bean longs and corn shorts.  On corn, some talk that prices have gotten cheap enough for now and could rebound over the next couple of weeks, maybe to the $4.90-$5.00 area July, Sep, or Dec."

Corn is pretty much planted and the trade knows this, he says.

"Farmers to the north tell me they plan to go right through the weekend.  Soybeans going in, too, but I think this is more a breather day.  Bulls want to get a close above $15.21, basis the July contract, but can’t seem to get the job done," Scoville says.  That might be the level to watch for at the close. If they do not get it today, we might see more selling next week."  

Rain reports in the Great Plains, with parts of the TX Panhandle reporting 1.5 to 2.5 inches of rain.  

"So, wheat is down.  Plus lower prices in Russia and Europe pressuring wheat.  Traders think wheat has gone down about enough, but there is no buying interest due to the rain and overseas prices.  The rains will help make the situation out there more stable, and prevent further losses rather than add much to yield I think," he says.

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