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Corn, soybeans end higher

Updated: 12/21/2012 @ 2:57pm

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

The March futures corn contract settled 5 cents higher at $7.02. The Jan. soybean futures contract finished 22 cents higher at $14.30. March wheat futures closed 1 cent higher at $7.92 per bushel. The Jan. soyoil futures contract closed $0.80 higher at $48.71.  The Jan. soymeal futures contract settled $6.10 per short ton higher at $433.80.

In the outside markets, the NYMEX crude oil is $1.39 per barrel lower, the dollar is higher and the Dow Jones Industrials are 132 points lower.

Tim Hannagan, ALPARI (U.S.) LLC grain specialist, says that after China cancelled 960,000 mt of previously purchased US soybeans, pushing prices down a dollar on the week, short held positions are buying back pulling profits out.

"Traders don’t expect much of a short-covering rally, as the threat of more cancellations looms," he says. 

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