Soybeans end higher Friday
DES MOINES, Iowa (Agriculture.com)--As it traded all day, the CME Group soybean market finished higher Friday. Corn and wheat stayed lower.
The July futures corn contract closed 4 cents lower at $6.19. The July soybean futures contract settled 8 cents higher at $13.81. July wheat futures finished 11 cents lower at $6.92 per bushel. The July soymeal futures ended $4.60 per short ton higher at $404.70. The July soyoil futures ended $0.06 higher at $49.54.
In the outside markets, the NYMEX crude oil is $0.46 per barrel lower, the dollar is lower and the Dow Jones Industrials are 31 points higher.
Tim Hannagan, ALpari LLC (U.S.) senior grain analyst, says the July beans are higher, as traders with long May positions roll over to long July futures.
"On Tuesday, those holding long May positions have to be out or risk getting a delivery notice. With cash prices a dollar over May futures and July futures 50 cents under May, it’s an easy decision to roll over," Hannagan says.
Corn prices are lower, as next week's rains look lighter with talk of the planting window opening up May 6 and staying drier into the last half of May, Hannagan says.