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Soybeans close 25¢ lower

03/21/2014 @ 8:47am

DES MOINES, Iowa (Agriculture.com)--Funds giveth and funds taketh. Profit-taking sinks the CME Group corn, soybean and wheat markets Friday.

The May corn futures contract closed 1/2 of a cent higher at $4.79. The Dec. corn futures closed 3/4 of a cent lower at $4.80. The May soybean futures contract finished 25 cents lower at $14.08. November soybean futures setted 12 cents lower at $11.77. May wheat futures finished 10 1/2 cents lower at $6.93 per bushel. The May soymeal futures contract closed $10.60 per short ton lower at $455.90. The May soyoil futures finished $0.29 lower at $41.02.

In the outside markets, the Brent crude oil is $1.02 per barrel higher, the dollar is lower and the Dow Jones Industrials are 21 points higher.

Mike North, First Capital Ag Risk Advisor, says it is a profit-taking day. "Yesterday’s surging run higher in soybeans was interrupted by comments from the Fed that led investors into a risk-off trade.  Profit taking began and then the conversation about a double top on the charts led technicians in for a quick sale," North says.  

The focus on fundamental news shifts daily, as talk of Chinese cancellations gets interrupted by stories of tight balance sheets and improving crush margins, he says.  

"The thing to keep in mind is that the largest influence on price in recent weeks is investor interest in commodities.  Across the board, commodities have caught an injection of capital at a time when the market least suspected it," North says  

Corn has struggled the most to move higher because of the looming negativity surrounding its fundamentals,  he says.  Wheat was sparked by the Ukrainian conflict and thereto received heavy buy interest from the speculative crowd despite the large inventory of wheat held worldwide, North says.  

"Today is just a manifestation of money movement.  While it marched into the market very proudly in the last couple of days, it is being taken out by those seeking to manage the profits that have developed in their position."

Discuss the corn, soybean, and wheat markets in Marketing Talk.

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