Home / Markets / Markets Analysis / Corn market / Wheat, soybeans close higher

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."


JOIN US: The Successful Farming Marketing Academyr.


CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Soybeans, Wheat Close Double-Digits Lower By: 07/29/2014 @ 3:12pm On Tuesday, the CME Group soybean market took back some of the gains from yesterday.At the close…

China Corn Ban Frustrates U.S. Industry By: 07/29/2014 @ 2:29pm How can the U.S. regain the China corn import market? That's the question asked and topic…

Farmers Are Urged to Adopt Conservation… By: 07/28/2014 @ 2:09pm U.S. farmers need to wake up to adopting conservation measures, world buyers find U.S. corn carries…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Scott Shellady: Options 101