Soybeans close just under $15
DES MOINES, Iowa (Agriculture.com)--After hitting $15.09 per bushel, the CME Group soybean market pulled back a bit, still closing sharply higher. Corn and wheat finished strongly as well Friday.
The July corn futures settled 18 cents higher at $6.25 1/2. After trading as high as $15.09 per bushel, the July soybean contract finished 13 1/2 cents higher $14.93 1/2. The July wheat futures settled 14 1/2 cents higher at $6.50. The July soyoil futures settled $0.22 lower at $55.53.
In the outside markets, the NYMEX crude oil is $0.15 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 40 points.
Tim Hannagan, PFGBest.com senior grain analyst, says the funds have taken profits twice this month and very well could Monday, sending the market lower.
"Especially with rain coming in to help early emerging crops, the market could get pressured. But, breaks are limited ahead of the May 10 Crop Report that is feared to be very bullish on lower ending stocks," Hannagan says.
Demand is as expected, strong, and expected to reach record U.S. export levels for 2013. "We have already sold 300 million bushels of next year's potential crop production that traders hoped would be added to ending stocks. We're on target to sell the entire stocks increase from the expected 3.7 million acre corn increase and maybe more. Next summer's contracts are starting to look like a great buy," Hannagan says.