Friday's farm markets rally
CHICAGO, Illinois (Agriculture.com)--The Friday CME Group corn, soybean and wheat markets remain well supported to the upside.
At mid-session, the May futures corn contract is trading 5 cents higher at $6.56. The May soybean futures contract is trading 10 cents higher at $14.11. May wheat futures are trading 14 cents higher at $7.12 per bushel. The May soymeal futures are trading $5.00 per short ton higher at $400.40. The May soyoil futures are trading $0.56 lower at $49.21.
In the outside markets, the NYMEX crude oil is $2.59 per barrel lower, the dollar is higher and the Dow Jones Industrials are 56 points lower.
Tim Hannagan, Alpari (U.S.) LLC senior grain analyst, says the rally in the markets goes back to the disbelief of the March 28 Quarterly Stocks Report.
"We're following through with short covering an buying from Wednesday's crop report. The trade did not see all the grain found on the March 28 Quarterly Stocks report, leading to a one dollar break in corn and beans, show up on Wednesday's USDA ending stocks report. This told them stocks are still too tight. Next week looks to refocus on weather and planting progress," Hannagan says.