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Soybeans Finish 12¢ Lower Friday

Wheat is lower, too.

DES MOINES, Iowa -- On Friday, the CME Group’s soybean market collapsed to end the week, under pressure from a stronger U.S. dollar and technical weakness.

At the close, the December corn futures settled 3¼¢ lower at $3.40¼, and March futures ended 3¢ lower at $3.49 per bushel.

January soybean futures finished 12¢ lower at $9.86; March soybean futures closed 12¢ lower at $9.94½.

December wheat futures closed 1¾¢ lower at $4.03.

December soy meal futures finished $3.60 a short ton lower at $307.80. December soy oil futures ended 0.33¢ lower at 34.40¢ per pound. 

In the outside markets, the Brent crude oil market is $1.21 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 19 points higher.

DeAnne Hawthorne-Lahre, StatFutures co-owner and trader, says the soybean market had a bomb dropped on it.

“Yes, they dropped the big one on beans today. This week’s WASDE Report was bearish, with an astronomical yield. But, postelection saw a big rebalancing in the markets, mostly led by copper. Copper came off this morning, and the whole structure collapsed. Also seeing some indications of rotations in financials, tech, and treasuries. A boatload of money was out of position for the Trump win. As last comment, plenty of grains and soybean supplies are out there,” she says.

Hawthorne-Lahre adds, “Also, the U.S. dollar is continuing a move up, which I continue to think is justified. Brazil’s real also got torched the past couple of days, adding to bean downward pressure.”

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