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Grains close sharply higher

Updated: 09/03/2010 @ 1:52pm

DES MOINES, Iowa (Agriculture.com)--The CME Group grain markets stage a pretty impressive rally to close sharply higher Friday. Pre-report positioning and strong demand support markets.

The Dec corn futures close 17 cents higher at $4.64 1/2. The Nov. soybean contract settled 26 cents higher at $10.35. The Dec. wheat futures ended 27 1/2 cents higher at $7.41. The Dec. soyoil futures settled 66 points higher at $40.86. The Dec. soymeal futures contract settled $7.20 per short ton higher at $303.30.

In the outside markets, the NYMEX crude oil is $0.60 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 108 points.

Tim Hannagan, PFGBest.com senior analyst, says the soybeans, corn and wheat all started firmer on the opening. 

Like the last five weeks, lows for the week were made mid-week and traders are all focused on not whether next Friday's report will be bullish or not but how bullish. We look for some late-day selling as traders balance some positions ahead of the three day holiday.The leader is wheat again as the Russian president has stated they may keep their export ban on wheat until next springs winter crop comes to light."

Meanwhile, the USDA announced bullish export demand Friday. USDA announced export sales of 275,000 metric tons of hard red winter wheat for delivery to unknown destinations during the 2010/2011 marketing year.

Also, USDA announced export sales of 110,000 metric tons of hard red winter wheat for delivery to Egypt during the 2010/2011 marketing year.

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