Soybeans Close Up 24¢
DES MOINES, Iowa (Agriculture.com)--Investors return and the CME Group corn and soybean markets finish stronger Friday.
The July corn futures contract settled 5 1/2 cents higher at $5.12. The Dec. corn futures finished 3 1/2 cents higher at $5.06. The July soybean futures contract closed 24 cents higher at $14.94. The Nov. soybean futures finished 8 3/4 cents higher at $12.39. July wheat futures ended 11 3/4 cents higher at $7.08 per bushel. The July soymeal futures contract closed $10.70 per short ton higher at $481.40. The July soyoil futures closed $0.29 higher at $43.15. In the outside markets, the Brent crude oil is $1.20 per barrel lower, the dollar is lower and the Dow Jones Industrials are 146 points lower.
Mike North, senior risk adviser for First Capitol Ag, says the old-crop/new-crop spreads are again the feature in soybeans. "Investors are picking up the slack following several days of liquidation. Option expiration has corn hanging out in between its two most owned strikes ($5 and $5.10). Wheat is seeing support from growing tension in the Ukraine and ongoing concern about quality in the southern Plains."