Home / Markets / Markets Analysis / Corn market / Corn, soybeans end mixed

Corn, soybeans end mixed

10/28/2011 @ 9:38am

DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean and wheat markets closed mostly higher Friday. The dollar, the main driver, strengthened and kept a cap on gains and pushed soybeans lower Friday.

The Dec. corn futures ended 3 1/2 cents higher at $6.55. The Jan. soybean contract settled 18 cents lower at $12.26. The Dec. wheat futures closed 1/2 of a cent higher at $6.44 1/2. The Dec. soymeal futures closed $6.00 per short ton lower at $317.50. The Dec. soyoil futures settled $0.34 lower at $51.77. 

In the outside markets, the NYMEX crude oil is $0.62 per barrel lower, the dollar is higher and the Dow Jones Industrials are up 5 points.

Rich Nelson, Allendale Inc. research analyst, says profit-taking pushed beans lower Friday, after a big rally yesterday. 

"The dollar found some strength and had investors taking some positions off, ahead of the weekend and the end of the month," Nelson says. 

With light volume, spreaders were in control with corn finishing higher and beans lower, he says. Funds sold 7,000 contracts of beans and bought 7,000 contracts of corn, according to Allendale Inc.

Tim Hannagan, PFGBest.com senior grain analyst, says selling the opening ranges were great day trades, off fund month-end psychology. "But these are not position trades to hold. When we come in Monday, it's the final day of October, leaving only nine days until the November 9 USDA monthly crop report. The goal should be to find a  chart-low to buy and get long into the report. The market fear will be that the harvest has unveiled a smaller yield for corn and beans," Hannagan says.

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

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…

Corn, Soybeans Close Lower Friday By: 10/17/2014 @ 8:46am DES MOINES, Iowa (Agriculture.com)—The CME Group farm markets closed weaker on improved harvest…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Questions Surrounding Data Concern Are Answered