Soybeans end higher
DES MOINES, Iowa (Agriculture.com)--The CME Groups soybean markets finished higher, wheat and corn lower Friday. The March futures corn contract closed 4 cents lower at $7.36. The March soybean futures contract settled 6 cents higher at $14.74. March wheat futures ended 15 cents lower at $7.64 per bushel. The March soymeal futures closed $1.50 per short ton higher at $427.90.
In the outside markets, the NYMEX crude oil is 38 cents per barrel higher, the dollar is lower, and the Dow Jones Industrials are 139 points higher. On Friday, the Dow broke through the 14,000 level for the first time since 2007.
Jack Scoville, PRICE Futures Group vice president, says Friday's rally is fading.
"I think the rally was just some general buying based on the dry forecasts for South America next week, after some showers this weekend. Plus, some buying tied to the Chinese remarks stating the obvious; food security relies on imports as they do not have the land or the efficient production to do otherwise. This buying is fading and some profit taking coming in for the weekend," Scoville says.