Home / Markets / Markets Analysis / Corn market / Grain prices mostly higher

Grain prices mostly higher

11/05/2010 @ 11:01am

At mid-session, profit-taking keeps CME Group corn prices in negative territory, soybeans remain on solid ground Friday. 

The Dec corn futures are 1 3/4 cents lower at $5.88 1/4. The Jan. soybean contract is 7 3/4 cents higher at $12.82 3/4. The Dec. wheat futures are 6 1/2 cents higher at $7.2012 1/4.  The Dec. soymeal futures contract is unchanged at $348.20 per short ton. The Dec. soyoil futures contract is $0.72 higher at $51.97.

In the outside markets, the NYMEX crude oil is $0.11 per barrel higher, the dollar is higher, and the Dow Jones Industrials are down 16 points.

Tim Hannagan, PFGBest.com grain analyst, says traders are cautious ahead of next week's USDA Crop Production and Supply/Demand Reports.

"There is some profit-taking, but not everybody wants to sell ahead of the Tuesday USDA Report," Hannagan says. The market is also being held back a bit from yesterday's market being overbought, as funds sank their teeth into all commodities."

He adds, "Tuesday's report is believed to be bullish for corn, friendly for soybeans and neutral for wheat. If there is a surpise, it would come in the form of a bearish corn production number. Also, because everyone is coming into Tuesday's report fat with profits, the market will get sold-off as the day goes on."

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Trade Responds to USDA Bullish Data By: 06/30/2015 @ 10:40am DES MOINES, Iowa (Agriculture.com)—The amount of U.S. corn and soybean acres planted in 2015 has…

Corn 'Limit' Up, Soybeans Close Up… By: 06/30/2015 @ 8:39am DES MOINES, Iowa (Agriculture.com)--On Tuesday, the CME Group's corn market closed at its…

Corn, Wheat Prices Seen Moving Up Tuesday By: 06/30/2015 @ 7:24am On Tuesday, the CME Group's corn, soybean and wheat markets are expected to start mostly…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Cover Crops-Wildlife Diversity
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]