Soybeans Close 15¢ Higher Friday
DES MOINES, Iowa -- On Friday, the CME Group’s farm futures prices closed the week on a strong note, with short-covering.
At the close, the December corn futures finished 7¢ higher at $3.37, and March futures finished 7¢ higher at $3.47¼ per bushel.
November soybean futures finished 15½¢ higher at $9.66; January soybean futures closed 15½¢ higher at $9.71¼.
December wheat futures finished 3¾¢ higher at $4.03¼.
December soy meal futures finished $5.60 short ton higher at $312.80. December soy oil futures closed 0.05¢ lower at 32.23¢ per pound.
In the outside markets, the Brent crude oil market is $0.74 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 92 points lower.
Jack Scoville, The PRICE Futures Group senior market analyst, says that short-covering is helping the markets rally.
“People are talking rain in the Midwest for the next day or two, plus even more over the next week. This will keep the harvest progress slow at best,” Scoville says.
Also, the trade is still hearing reports of weaker yields for corn, but no one really into the beans yet, he says.
“My speculative customers either bought the market or will, if the market breaks back. Farmers are calling in but not leaving orders. Not much from my commercials either, but they were pretty much covered,” Scoville says.