Corn, soybean prices close double-digits higher Friday

The outside markets experience broad-based buying.

On Friday, the CME Group’s farm markets jump up.

At the close, the May corn futures finished 13¢ higher at $5.45. July corn futures settled 11½¢ higher at $5.34. New-crop December corn futures ended 3½¢ higher at $4.38½. 
May soybean futures closed 19½¢ higher at $14.30. July soybean futures closed 18¾¢ higher at $14.13¾. New-crop November soybean futures closed 16¾¢ higher at $12.47½.

May wheat futures settled 2¢ higher at $6.53. 

May soymeal futures ended $1.60 short term higher at $418.20.

May soy oil futures finished 1.09¢ higher at 51.80¢ per pound.

In the outside markets, the NYMEX crude oil market is +2.24 higher (+3.51%) at $66.07. The U.S. dollar is higher, and the Dow Jones Industrials are 458 points higher (+1.48%) at 31,383 points.

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Bob Linneman, Kluis Advisors, says that the bulls were unable to hold onto yesterday’s rally.  

“The soybean market has run into stiff resistance between the January highs and the recent February 25 high. The encouraging part of the chart is the trend of posting higher lows since the January 25 low,” Linneman stated in a daily note to customers.

Linneman added, “The Weekly Export sales report was not what the corn bulls wanted to see on Thursday morning. The net sales (only 116 million tons) was the marketing year low for corn. However, the bright spot in the report was the Weekly Export Shipments: slightly over 2 million metric tons. This sliver of light is what pushed corn prices higher mid-morning. Unfortunately, the bulls were unable to hold the gains. Soybean traders engaged in another wild 35¢ trading range on Thursday. Export data was in line with expectations. This news continues to feed the bullish story that the U.S. is unlikely to have enough soybeans to make it through the summer. Similar to the corn, the bean bulls were unable to hold the gains on the day.”

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