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Soybeans finish up 17¢

Updated: 05/03/2013 @ 2:46pm

DES MOINES, Iowa (Agriculture.com)--On Friday, tight supplies helped the CME Group soybean market close stronger, while corn and wheat prices finished lower on better weather outlooks.

The July futures corn contract settled 3/4 of a cent lower at $6.61. New-crop Dec. futures finished 5 cents lower at $5.53. The July soybean futures contract closed 15 cents higher at $13.87, new-crop Nov. soybeans finished 17 cents higher at $12.21. July wheat futures ended 7 cents lower at $7.21 per bushel. The July soymeal futures closed $0.30 per short ton higher at $406.50. The July soyoil futures ended $0.78 higher at $49.27.
In the outside markets, the NYMEX crude oil is $1.68 per barrel higher, the dollar is lower and the Dow Jones Industrials are 133 points higher.

Jack Scoville, PRICE Futures Group vice president, says the soybean prices captured support from the tight cash markets. "I think it's all about the better cash markets that signal end-users are looking for supplies.'

Wheat fell on the fact that the 'crop tour' did not find an absolute disaster this week, he says. "Plus, the freezes are passing now for the wheat crop.  

Meanwhile, the talk of somewhat better weather in the Midwest, next week, hurt new crop corn and beans, he says.  

"But overall, I do not see the markets breaking much, as we are in May and just a little fieldwork is getting done.  We need the better weather," Scoville says.  

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