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Wheat, soybeans close higher

Updated: 08/17/2012 @ 2:39pm

DES MOINES, Iowa (Agriculture.com)--The CME Group soybean and wheat markets held on to gains to close firm Friday. Corn slipped below zero.

The Dec. futures corn contract finished 1/4 of a cent lower at $8.07 1/4. The Nov. soybean contract settled 20 1/2 cents higher at $16.45 3/4. Dec. wheat futures contract closed 12 3/4 cents higher at $8.94 1/2 per bushel. The Dec. soyoil futures contract settled $0.08 higher at $53.74. The Dec. soymeal futures contract settled $10.30 per short ton higher at $499.90.

In the outside markets, the NYMEX crude oil is $0.43 per barrel higher, the dollar is higher and the Dow Jones Industrials are 15 points higher.

Jack Scoville, PRICE Futures Group vice president, says It is a choppy affair today, with little in the way of new trade interest showing.  

"Wheat strength seems to be some follow-through buying on Russia, but that seems to be fading now. The corn and bean markerts are pretty quiet, although some ideas of new demand helping the beans out," Scoville says.  

Lots of people remain on the sidelines, waiting for news and there is not much news to trade on today, he says.  "That changes next week, with the Pro Farmer Crop Tour. So, I expect some volatility next week. But, today is a pretty slow affair for me and pretty much everyone, judging from what I am seeing around here," Scoville says.

Tim Hannagan, Alpari (U.S.) LLC, says the question remains as to where this market is going.

"Now that we do not have another monthly crop report by the USDA to adjust supply-side production numbers until September and weather's affect on yields is largely over, are we going to continue trading the old bullish news and move to new highs." Hannagan says. "Or, will we adjust lower off post-growing season, pre–harvest pressure psychology. I feel there is a better chance of a break in prices. But, let the charts guide us."

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