Home / Markets / Markets Analysis / Corn market / Farm markets close mostly higher

Farm markets close mostly higher

09/09/2011 @ 9:53am

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."

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Fund Rallies Ruling The Markets By: 05/22/2015 @ 11:19am Yes, the wheat market has rallied 60¢ since May 13. And yes, the corn and soybean markets have…

Long Weekend Can Mean Market Volatility By: 05/22/2015 @ 11:09am After several corn and soybean contracts mad new lows this week, traders fear the upcoming holiday…

Soybeans Close 14¢ Lower Friday By: 05/22/2015 @ 8:48am DES MOINES, Iowa (Agriculture.com)--On Friday, the CME Group's corn, soybean and wheat markets…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Weather Update - Late May, Early June
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]