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Soybeans close lower

Updated: 10/19/2012 @ 3:26pm

DES MOINES, Iowa (Agriculture.com)--While the CME Group corn and wheat markets have found strength, soybeans have dropped Friday.

The Dec. futures corn contract closed 3/4 of a cent higher at $7.61. Nov. soybean futures contract settled 11 cents lower at $15.34. Dec. wheat futures settled 4 cents higher at $8.72 per bushel. The Dec. soyoil futures contract ended $0.72 lower at $51.58. The Dec. soymeal futures contract ended $0.50 per short ton higher at $463.80.

In the outside markets, the NYMEX crude oil is $2.01 per barrel lower, the dollar is higher and the Dow Jones Industrials are 197 points lower.

Alan Brugler, President of Brugler Marketing & Management LLC, says Friday's markets traded simply off of profit taking in soybeans. 

"Wheat prices were up on possible suspension of Ukraine exports after Nov 15-20. Corn is starting to see position adjustments ahead of November options expiration next week," Brugler says. 


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