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Corn, wheat markets end higher

Updated: 03/01/2013 @ 2:39pm

DES MOINES, Iowa (Agriculture.com)--Short-covering helped the CME Group corn and wheat markets close higher Friday. The soybean market was pressured by export supplies in Argentina. 

The March futures corn contract settled 4 1/2 cents higher at $7.24, a three week high. The March soybean futures contract ended 9 cents lower at $14.64. March wheat futures finished 5 cents higher at $7.13 per bushel. The March soyoil futures contract finished $0.65 higher at $49.47. The March soymeal futures ended $7.50 per short ton lower at $427.30. 

In the outside markets, the NYMEX crude oil is $1.34 per barrel lower, the dollar is higher and the Dow Jones Industrials are 26 points higher.

Jack Scoville, PRICE Futures Group vice-president, says that the soybean market is taking the big hit and is going down based on the news yesterday but kind of getting circulated today that Argentina is looking to sell and ship 2.0 million tons of soybeans this month.  

"Bad economic data, today, from Britain and this week from China not helping things and the sequester crap is not helping either," Scoville says.  

On the other hand,  corn remains red hot in the Midwest and wheat is basking in the glow and is also cheap compared to the competition. So, those markets are holding, he says.  

"Informa, the private analyst firm, is talking big production in South America, and my sources there are too. So, that is pushing on the beans too.  Both Informa and my guys are talking big corn, too, but for some reason corn has not been affected much by South America news lately.  We keep selling soybeans to China, but everyone thinks they will cancel once the beans hit the ports and the exports of beans start to flow," Scoville says.

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