Soybeans, wheat close out Friday higher
DES MOINES, Iowa (Agriculture.com)--The CME Group soybean and wheat markets closed higher, corn lower Friday.
The March futures corn contract settled 3 cents lower at $7.20. The March soybean futures contract finished 5 cents lower at $14.41. March wheat futures ended 8 cents higher at $7.76 per bushel. The March soyoil futures contract closed $0.01 lower at $52.10. The March soymeal futures is trading $1.70 per short ton higher at $416.40.
In the outside markets, the NYMEX crude oil is $0.08 per barrel higher, the dollar is lower and the Dow Jones Industrials are 48 points higher.
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Jack Scoville, PRICE Futures Group vice president, says it was a slow day of trading.
"Wheat areas in the Great Plains have no rain in the forecast and today's USDA wheat export sales were the best of the bunch (compared to corn and soybean sales). So, that is the market that is running," Scoville says
There are still a lot of questions about the rain potential for Argentina next week, the forecasts are mostly dry, he says.
"Northern Brazil has harvesting delays from too much rain, but overall bull spreads are working as supplies are tight now. But, a big crop seems to be coming from Brazil. Argentina maybe not, but Brazil yes, and that is doing the bull spreads a favor," he says.
Corn can’t buy much today, as the export sales were not strong, although China wad recorded as a buyer.
"But, corn is a domestic demand story and should play out in the spreads and it will eventually rally, I think. Ethanol demand was positive in yesterday's Energy Information Agency's weekly report. Also, feed demand should be strong, as there is no good pasture out there for the cattle and hogs to much on!"
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