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Soybeans Close 7¢ Higher Friday

Corn is up slightly

DES MOINES, Iowa -- On Friday, the CME Group’s soybean market finished the week higher, corn followed.

At the close, the December corn futures settled 1½¢ higher at $3.52½, while March futures finished 1½¢ higher at $3.62¼ per bushel.

November soybean futures closed 7½¢ higher at $9.83, while January soybean futures closed 7½¢ higher at $9.92¼.

December wheat futures closed 2½¢ lower at $4.14½.

December soy meal futures finished $1.90 per short ton higher at $306.50. December soy oil futures closed 0.07¢ higher at 35.12¢ per pound. 

In the outside markets, the Brent crude oil market is $0.18 per barrel higher, the U.S. dollar is higher, reaching a seven-month high. And, the Dow Jones Industrials are 15 points lower.

Dustin Johnson, EHedger LLC grain analyst, says that the market is digesting global supply/demand factors.

“The only thing that could be keeping the bid under the market is world veg oil supply concerns. Otherwise, we see record crops and a rising currency as an albatross for grain prices,” Johnson says.


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