Soybeans end 12¢ higher
DES MOINES, Iowa (Agriculture.com)--On Friday, the CME Group's soybean market turned in the best performance, finishing up double-digits.
The March corn futures contract settled 2 3/4 cents higher at $4.33. The March soybean futures contract finished 12 cents higher at $13.31. March wheat futures ended 2 3/4 cents higher at $6.13 per bushel. The March soymeal futures contract settled $5.10 per short ton higher at $433.60. The March soyoil futures closed $0.10 higher at $39.74.
In the outside markets, the NYMEX Brent crude oil is $1.19 per barrel higher, the dollar is lower and the Dow Jones Industrials are 90 points higher.
Mike North, First Capitol's Risk Advisor, says today's trading is purely a function of the spec trade.
"The news is conflicting with export cancellations and further Chinese interest. Additionally, there's conversation regarding destination switches to Brazil and at the same time drought in Argentina. The market appears confined to arrange between $13.20 and $13.50. Today is honoring that range.