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Wheat closes up 19¢

10/18/2013 @ 8:39am

DES MOINES, Iowa (Agriculture.com)--At mid-session, the soybean market has given back its earlier gains, while corn dangles in positive territory Friday. Wheat is the leader on global production news.

At the close, the Dec. corn futures contract settled 1 1/2 cents lower at $4.41. The Nov. soybean futures contract closed 2 cents lower at $12.91. Dec. wheat futures settled 19 3/4 cents higher at $7.05 per bushel. The Dec. soymeal futures contract finished $2.90 per short ton lower at $410.10. The Dec. soyoil futures settled $0.56 higher at $41.68. 

In the outside markets, the NYMEX crude oil is $0.52 per barrel higher, the dollar is lower and the Dow Jones Industrials are 18 points higher.

Jack Scoville, PRICE Futures Group vice-president, says the market digested new U.S. planted acreage estimates and profit-taking. 

"The private analyst firms soybean estimate is bearish. But, soybeans were weaker anyway and found selling interest at $13.00 and just above."

He adds, "I think that caused a little spec liquidation, and maybe some more since beans have been the stronger market this week on the demand ideas about China.  

Wheat was higher on the freeze forecast for Argentina, and that is helping corn limit its weakness.  

"Some spec and a very small amount of producer-selling showing up in corn and beans today. Specs also buying corn and wheat," Scoville says.  

The market is also seeing some very light Brazil selling in beans on the rally and some price fixing showing in the corn from Brazil, both markets seeing the Brazil selling May on back, he says.   

"It is kind of quiet day, but the customers are coming back now that USDA is starting to pump the news out a bit," he says.

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10/18/2013 @ 9:47am actually corn is up a half and beans are down,so really they are not shooting higher. One would think with china buying prices would be up but the traders just are not gonna let it happen.

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