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Farm markets close sharply higher

Updated: 04/29/2011 @ 1:46pm

CHICAGO, Illinois (Agriculture.com)--With the buying returning, the CME Group grain and soybean markets closed sharply higher Friday.

The July corn futures settled 27 1/4 cents higher at $7.56 1/2. The July soybean contract closed 40 1/2 cents higher at $13.94. The July wheat futures closed 23 3/4 cents higher at $8.01 1/4. The July soybean meal futures settled $9.40 per short ton higher at $363.60. The July soyoil futures closed $1.65 higher at $58.58.

In the outside markets, the NYMEX crude oil is $1.02 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 51 points.

End-users are taking advantage of this week's pullback in prices, as they 'bargain' hunt Friday, traders say.

Joe Bedore, FC Stone's CME Group floor manager, says buying re-entered the Friday market.

"The market oversold yesterday. That flushed the funds out of the market. Today, we turned around with a return of buying and gave the losses back," Bedore says.

Bedore adds, "The weather is not bearish, but it's not overly bullish either. There is still rain around the Midwest. We have the Dakota states getting slapped with a snowstorm this weekend. We're still going to have a good portion of this Corn Belt not planted by May 15. And maybe not even ready to go." 

Looking forward, Tim Hannagan, PFGBest.com senior grain analyst, says the markets should start next week higher.

"We should trade higher Sunday and Monday on the foreseeing wet forecast and Monday's report on corn and spring wheat planting progress being bullish. That could be followed by profit-taking, again, Tuesday and Wednesday. Profit-taking should not to be as deep as this week, as traders will see the late-week rain in front of them and will be thinking about buying into the USDA crop report the week after," Hannagan says.

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