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Corn, soybeans close higher

Updated: 03/16/2012 @ 2:06pm

DES MOINES, Iowa (Agriculture.com)--With too many uncertainties regarding the U.S. planting season and the smaller South American soybean crops, the the CME Group corn, soybean and wheat markets fight off profit-taking to end higher Friday.  

The July corn futures closed 3 1/4 cents higher at $6.70 1/4. The July soybean contract clolsed 5 1/4 cents higher at $13.80 3/4. The July wheat futures ended 4 3/4 cents higher at $6.77 3/4.  The July soymeal futures settled $3.00 per short ton higher at $375.70. The July soyoil futures finished $0.04 higher at $55.89.

In the outside markets, the NYMEX crude oil is $1.49 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 4 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the markets are acting similar to how they did on recent Friday's.

"We closed higher the last several Friday's. So. theres' really no large sellers, with selling limited to profit-taking," Hannagan says.  

March futures expired and May, now the front month, needs to firm up a little as it was lower, he says. 

"Farmers see 70 degrees or higher all of next week, with warmer and largely dry conditions expected thru month end. Therefore, traders expect field work to really tighten up the grain coming to market, pushing cash next week higher along with futures prices," Hannagan says. 

Luisa Longo, independent CME Group floor trader, says the market activity is fairly quiet.

"There is nothing really going on today.  The grains are higher due to a weak U.S. dollar and higher equity and energy markets," Longo says.  

 

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