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Report ignored, grains up

Updated: 04/08/2011 @ 11:28am

CHICAGO, Illinois (Agriculture.com)--Buying has underpinned a market that originally wad thought to be lower, as a result of a bearish USDA April Supply/Demand Report Friday. 

At mid-session, the May corn futures are 7 1/4 cents higher at $7.66 1/4. The May soybean contract is 22 1/2 cents higher at $13.86. The May wheat futures are 6 3/4 cents higher at $7.80. The May soybean meal futures are $3.40 per short ton higher at $354.30. The July soyoil futures are $1.28 higher at $59.60.

In the outside markets, the NYMEX crude oil is $1.51 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 6 points.

One company stepped in and bought 700 corn futures contract Friday, indicating there is still interest in owning this market, CME Group floor traders say.  

The outside markets are favorable for the grain and soybean markets. That's why things have turned more positive than the bearish sentiment given off by the USDA Report, traders say.

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