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 +

End of an Era for Corn, Soybean Futures:… By: 07/02/2015 @ 9:41am This Monday, the history of corn and soybean markets will change. After being traded on the floor…

Grains, Soybeans Mixed to Close Thursday By: 07/02/2015 @ 8:56am Grains and soybeans were mixed to close the day Thursday. At the open, the September corn…

Corn, Soybean Markets to Edge Higher By: 07/02/2015 @ 6:54am On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start mostly…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Cover Crops-Happy Landlords
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]