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Wheat, soybeans close higher

09/27/2013 @ 8:36am

DES MOINES, Iowa (Agriculture.com)--Just as they traded most of the session, the CME Group corn and wheat markets end mixed, soybeans higher Friday.

The Dec. corn futures contract settled 2 3/4 cents lower at $4.54. The Nov. soybean futures contract finished 3 cents higher at $13.19. Dec. wheat futures ended 5 cents higher at $6.83 per bushel. The Dec. soymeal futures closed $3.40 per short ton higher at $418.30. The Dec. soyoil futures ended $0.24 lower at $41.81. 

In the outside markets, the NYMEX crude oil is $0.20 per barrel lower, the dollar is lower and the Dow Jones Industrials are 92 points lower.

Mike North, First Capitol Ag senior risk advisor, says the wheat market is leading, but only for a short-time.

"You're seeing some concerns of the frost in Argentina and the unwinding of short positions of wheat contracts, ahead of the Quarterly Stocks Report Monday," North says.

Dustin Johnson, eHedger grain analyst, says the markets will head into Monday's Report in quiet fashion.

"Marketwise, we are not going into Monday's report with any big convictions.  We are fundamentally bearish corn, since yield reports have been flowing in larger than expected.  Soybean data is still not widespread enough for us to confidently estimate final soybean production but early bean yields have been decent, so far," Johnson says  Johnson adds, "I think the weak US Dollar Index is part of the reason corn hasn't broken the lows yet. Also, the liquidation of the wheat shorts, going into the end of the quarter, is also helping to support corn."

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