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Corn closes higher

Updated: 11/16/2012 @ 2:43pm

DES MOINES, Iowa (Agriculture.com)--The EPA announcement denying requests to waive the ethanol mandate has single handily helped the CME Group corn market close higher Friday.

The Dec. futures corn contract closed 5 3/4 cents higher at $7.27. Jan. soybean futures contract settled 18 cents lower at $13.83. Dec. wheat futures settled 7 cents lower at $8.38 per bushel. The Dec. soyoil futures contract finished $0.41 lower at $47.05. The Dec. soymeal futures contract settled $5.90 per short ton lower at $424.60.

In the outside markets, the NYMEX crude oil is $1.05 per barrel higher, the dollar is higher and the Dow Jones Industrials are 53 points higher.

Tim Hannagan, Alpari (U.S.) LLC senior grain analyst, says the weekly export data Friday turned out bearish for the farm markets.

Corn saw the second lowest weekly sales this year and though wheat sales were up from the week prior, the week prior was the lowest number since may. Bean exports were better than last week but like corn, bean exports last week were the lowest in three months. 

"We also saw a cancellation of 346,000 mt from a 'unknown' country . The trade will fear its China canceling previously purchased US beans, with intent to re-buy on South American ports," Hannagan says. 

The EPA announcement to not lower any standards of ethanol into gasoline was a no brainer after Obama was re-elected, he says. 

"Pres. Obama, since day one four years ago, has pushed forward his 22 mandates to increase the amount of ethanol per gallon of gas and other green measures of using less crude oil," Hannagan says.

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