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220973

Corn Closes 5¢ Higher Friday

Wheat ends strong too

DES MOINES, Iowa -- On Friday, the CME Group’s grain markets ended higher, while soybeans dropped.

At the close, the December corn futures finished 5¾¢ higher at $3.37½; March futures settled 4¾¢ higher at $3.47¼ per bushel.

January soybean futures finished 2¼¢ lower at $10.27½, and March soybean futures settled 1¾¢ lower at $10.37¼.

March wheat futures closed 8¾¢ higher at $4.04¼.

January soy meal futures closed $0.20 a short ton lower at $312.50. January soy oil futures closed 0.13¢ lower at 37.99¢ per pound. 

In the outside markets, the Brent crude oil market is $0.61 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 32 points lower.

Jason Roose, U.S. Commodities grain analyst, says that slow farmer-selling in the corn and a relatively light news day is giving us a short-covering rally in the grains.

“Brazil’s crop-weather leans negative in the soybeans with good moisture. Also negative to prices is the concern that spring purchases may start shifting to South America as yields become more apparent,” Roose says.

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