Soybeans finish higher, corn lower
DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market closed slightly higher, corn and wheat lower Friday.
At the close, the March corn futures contract closed 4 cents lower at $4.24. The March soybean futures contract closed 1 1/2 cents higher at $13.16. March wheat futures ended 9 1/4 cents lower at $5.63 per bushel. The March soymeal futures contract finished $2.50 per short ton higher at $434.50. The March soyoil futures settled $0.31 lower at $37.74.
In the outside markets, the Brent crude oil is $0.61 per barrel higher, the dollar is higher and the Dow Jones Industrials are 27 points higher.
Mike North, Senior Risk Advisor for First Capitol Ag, says that the soybean market is the market everyone is watching. "Recent technical resistance was met at $13.30 in the March contract. And $13.00 serves as psychological support. Expect trade to battle back-and-forth between those two levels. Corn is quietly walking through the same range that confined it prior to the Jan USDA report. Winter markets can often be like this," he says.