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Soybeans close 22¢ higher

Updated: 03/07/2014 @ 1:50pm

DES MOINES, Iowa (Agriculture.com)--Though they may be losing steam, the CME Group soybean and wheat markets remain higher Friday. Corn is into negative territory.

At the close, the May corn futures contract settled 3 3/4 cents lower at $4.87. The May soybean futures contract finished 22 cents higher at $14.60. May wheat futures finished 7 1/2 cents higher at $6.53 per bushel. The May soymeal futures contract closed $7.10 per short ton higher at $458.00. The May soyoil futures finished $0.13 lower at $44.36.

In the outside markets, the ICE Brent crude oil is $1.01 per barrel higher, the dollar is lower and the Dow Jones Industrials are 5 points lower.

Soybeans gained strength from tight supplies and strong demand. 

Dustin Johnson, EHedger.com grain analyst, says traders used Friday to position themselves ahead of next week's WASDE Report.

"The corn market lost steam Friday due to the large report on Monday. Profit-taking before that report, as well as heavy producer selling on $5.00 corn futures," Johnson says.

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