Corn, soybeans end lower
DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean markets finished lower, while wheat settled higher Friday.
The May futures corn contract closed 1 cent lower at $6.29. The May soybean futures contract closed 10 cents lower at $13.61. May wheat futures finished 5 cents higher at $6.99 per bushel. The May soymeal futures ended $5.30 per short ton lower at $391.80. The May soyoil futures closed 28 cents higher at $48.83.
In the outside markets, the NYMEX crude oil is 34 cents per barrel lower, the dollar is lower, and the Dow Jones Industrials are 91 points lower.
Jack Scoville, PRICE Futures Group vice president, says the week has been a tough one.
"We are reacting as much to the unemployment data as much as anything right now," Scoville says.
The soybeans are the weak animal and that is due to the bird flu issue in China, he says. "We are worried about demand for U.S. soybeans and rightly so. The U.S. will lose out on export demand to Brazil Argentina. Plus, potentially less demand out of China, due to the flu. So, the weakness is understandable," Scoville says.
Domestic markets are holding strong, which should help soybean prices. But, once the specs start selling, it can take a while to get them out, he says. "People are bearish about USDA's Supply/Demand Report estimates for next week too, after the stocks reports last week.
"I am hoping for a pop somewhere in here, but overall the markets over the last few years have been weak at this time of year into the first part of the summer and this year is setting up the same. It's been a pretty ugly week, for sure," he says.