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Soybeans, wheat close higher

03/04/2011 @ 9:39am

CHICAGO, Illinois (Agriculture.com)--After starting sharply higher, falling at mid-session, wheat and soy prices closed higher Friday. CME Group corn prices couldn't survive the reversal Friday.

The May corn futures settled 8 3/4 cents lower at $7.28. The May soybean contract closed 2 cents higher at $14.14. The May wheat futures settled 8 3/4 cents higher at $8.32 1/4. The May soymeal futures settled $2.80 lower per short ton at $369.70. The May soyoil futures ended $0.71 higher at $58.48.

In the outside markets, the NYMEX crude oil is $2.58 per barrel higher, the dollar is lower, and the Dow Jones Industrials are down 159 points.

Bryan Doherty, Stewart-Peterson analyst, says Friday's price reversal is being closely watched. "Informa's numbers, released Friday, were moderately supportive for corn. But, this reversal in price will be watched at the close," Doherty says. "Keep in mind, we have had three key, bearish reversals in the last three weeks. For the corn market, while it has a lot of fundamentals driving it, technically it's showing signs that we should be cautious. I call these warning shots across the bow."
He adds, "This lower reversal involves profit-taking, traders that are long the market realize that this time of the year, if you are long you are at the edge of the 'cliff' and could quickly fall off. 

The uncertainties are becoming less uncertain, Doherty says. "We now know the crop insurance levels. We are seeing early corn planting in the South. So, if we don't push through new-highs and see funds come in and buy, traders are quick to reverse their positions."


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