Corn, wheat close higher
DES MOINES, Iowa (Agriculture.com)--Just as they started, the CME Group corn and wheat markets closed higher, soybeans lower Friday.
The Dec. futures corn contract settled 1 cents higher at $7.99 1/2. Nov. soybean futures contract finished 10 1/2 cents lower at $17.36 1/4. Dec. wheat futures finished 13 1/4 cents higher at $9.05 per bushel. The Dec. soyoil futures contract settled $0.77 lower at $56.61. The Dec. soymeal futures contract closed $1.20 per short ton lower at $526.90.
In the outside markets, the NYMEX crude oil is $0.90 per barrel higher, the dollar is lower and the Dow Jones Industrials are 9 points lower.
Jack Scoville, PRICE Futures Group vice president, says today's trade was some follow-through buying tied to the wheat export ban talk out of Russia and Ukraine.
"Plus, the corn and soybean trading patterns were as much about the Informa crop estimates as anything else today," Scoville says.
Harvest is coming and underway in many areas, and the buy side of the market has backed away, he says.
"That is why we were a bit lower in the early trade, but once the Informa estimates came out they were called bullish by the trade and we recovered. The dollar weakness was not all that important today," he says.
Late in the day, some spec-selling and perhaps a little commercial pre- hedging occurred, before the weekend.
"Overall, I doubt we do much until Wednesday. But, unless USDA comes out bullish, we may have seen some highs for a while," Scoville says.
Informa, the private analysts firm, estimated the U.S. 2013 corn yield Friday at 119.8 bpa vs 120.7 previously and USDA 123.4 a month ago. U.S. 2013 corn production is pegged at 10.310 bil bu vs. 10.338 previously and USDA 10.779.
For soybeans, the U.S. 2013 soybean yield is estimated at 35.4 bpa vs. 37.2 previously and USDA 36.1. U.S. soybean production is estimated at 2.639 bil bu vs. 2.791 previously and USDA 2.692 last month.
U.S. cotton production is pegged at 17.6 million bales vs. 18.261 million previously and USDA 17.65 million a month ago.