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Corn and Soybeans End Mixed

05/16/2014 @ 8:50am

DES MOINES, Iowa (Agriculture.com)--Weak technicals and improved planting weather sink the old-crop CME Group corn, soybean and wheat markets  Friday. Gains were capped on new-crop contracts.

The July corn futures contract settled 3/4 of a cent lower at $4.83. The Dec. corn futures finished 1/2 of a cent higher at $4.81. The July soybean futures contract closed 5 cents lower at $14.65. The Nov. soybean futures finished 3 3/4 cents higher at $12.21. July wheat futures finished 4 cents lower at $6.74 per bushel. The July soymeal futures contract closed $1.20 per short ton lower at $480.20. The July soyoil futures ended $0.29 lower at $40.75. 
In the outside markets, the NYMEX Brent crude oil is $0.55 per barrel higher, the dollar is higher and the Dow Jones Industrials are 28 points higher.

Mike North, First Capitol Ag Sr. Risk Advisor, says the bearish weight is real.

"Pressure continues as charts break down, exports soften, and weather appears more cooperative.  All eyes will be on planting progress over the weekend and what the forecasts suggest for the remaining corn plantings," North says.

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