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Corn, soybeans down, wheat up Friday

Jeff Caldwell 10/22/2010 @ 2:50pm Multimedia Editor for Agriculture.com and Successful Farming magazine.

The CME Group grains closed the same way they traded all day Friday: Mixed.

At the close, December 2010 corn futures ended 4 1/4 cents lower at $5.60 per bushel, while November soybeans closed 2 cents lower at $11.99 1/2, according to Barchart.com. December wheat was the lone grain pit in the black Friday, closing 2 cents higher at $6.70.

The corn market ended the week in negative territory after 2 weeks of movement higher; more importantly, the December contract ended the day below the critical $5.63-per-bushel mark, a price thought to be the point below which analysts say would indicate "the bull market has run out of steam for now," according to a Dow Jones Newswires report.

The soybean market wasn't much better. In fact, the bean market -- in addition to generally lower export demand -- was largely behind corn's drop. Friday's soybean pits fell prey to both profit-taking and a stabilizing U.S. Dollar index.

In the wheat trade, the big factors remain crop-stressing weather conditions in the Plains and an increase in weekly export sales. The latter looks to remain a factor to the trade next week, though the perception of weather crop stress may ease, with rains falling in points around the Wheat Belt Friday and expected to last through the weekend.



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