Home / Markets / Markets Analysis / Corn market / Corn, soy prices close higher

Corn, soy prices close higher

01/14/2011 @ 9:38am

After trading both sides of zero, the CME Group corn and soybean markets used fund-buying support to close higher Friday.

The March corn futures settled 6 1/4 cents higher at $6.48 3/4. The March soybean contract closed 6 1/2 cents higher at $14.22 1/2.  The March soybean meal futures ended $4.50 higher per short ton at $388.10. The March soyoil futures settled $0.44 lower at $57.27.

In the outside markets, the NYMEX crude oil is $0.12 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 52 points.

Jack Scoville, PRICE Futures Group vice-president, says overnight profit-taking started the markets lower. "But, most of the selling came after China announced another interest rate increase and reserve requirements on banks.  Funds seem to be buying the break in all markets, I have not heard of a lot of commercial action."

Though they both closed higher on fund-buying, soybeans stayed a little weaker than corn, with the forecasts for some very beneficial rains to move across most of the growing areas of Argentina this weekend and early next week, Scoville says. 

"Also, lower-than-expected NOPA crush, put some pressure on soybeans.  I am not really understanding why wheat is so weak, although some moderation in temperatures is expected here.  Must be the demand which I admit has not been real strong lately.  But we could get some heaving of the soils out in the Plains which is just as damaging," he says.


CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Soybeans Close 20¢ Higher Tuesday By: 10/21/2014 @ 8:39am DES MOINES, Iowa (Agriculture.com)—Slow harvest pace and buyers’ participation have underpinned…

Harvest Pressure Sinks Soybeans By: 10/20/2014 @ 8:50am DES MOINES, Iowa (Agriculture.com)— The CME Group’s corn, soybean, and wheat markets finished…

Corn, Soybeans Seen Falling Monday By: 10/20/2014 @ 6:49am On Monday, the CME Group's corn, soybean, and wheat markets are expected to start…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Are We In a Climate Change?