Farm markets close mostly higher
DES MOINES , Iowa (Agriculture.com)--After trading mostly lower most of the session, the CME Group grain and soybean markets finished mostly higher Friday.
Traders recognized a lot of 'squaring up' today, before Monday's USDA September Crop Production and Supply/Demand Reports.
The Dec. corn futures closed 2 1/2 cents lower at $7.36 1/2. The Nov. soybean contract settled 8 1/2 cents higher at $14.26 3/4. The Dec. wheat futures closed 8 1/4 cents lower at $7.29 3/4. The Dec. soymeal futures closed $3.00 per short ton higher at $375.10. The Dec. soyoil futures settled $0.38 higher at $58.71.
In the outside markets, the NYMEX crude oil is $1.81 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 300 points.
Stocks fells sharply as the market gets real nervous that the European financial crisis will send the U.S. into a recession.
Tim Hannagan, PFGBEst.com senior grain analyst, says Friday's trade is slow. "It's pretty simple, no one wants to sell ahead of what's perceived to be a bullish crop report Monday. But, they are waiting for late session before they buy long, as outside markets are very bearish today with crude oil and stocks sharply lower," he says.
Hannagan adds, "Expect a higher close for corn and beans. Also there really building up the frost threat for next week on the mid-day weather outlooks."