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Soybeans Closed Lower, Corn Higher Friday

USDA Reports Fresh Soybean Demand.

DES MOINES, Iowa -- On Friday, the CME Group’s soybean market ended where it started: double-digits lower.

At the close, the September corn futures settled 2¼¢ higher at $3.34¼, while December futures ended 1¾¢ higher at $3.43 per bushel.

September soybean futures settled 5¼¢ lower at $10.27, while November soybean futures finished 10¢ lower at $10.04½.

September wheat futures finished unchanged at $4.27.

September soy meal futures closed $4.40 short ton lower at $330.00. September soy oil futures closed 0.05¢ lower at 34.14¢ per pound. 

In the outside markets, the Brent crude oil market is $0.17 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 45 points lower.

On Friday, private exporters reported to the U.S. Department of Agriculture export sales of 261,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for soybeans began September 1.

Jason Roose, grain analyst with U.S. Commodities in West Des Moines, says that the soybean market will need continued demand news to stay up.

“The Midwest weather forecast still is supply-bearish for the soybean market, with ideal moisture and no cold weather in the long-term,” Roose says.

He adds, “The weak Chinese soybean market, along with the stronger dollar, should keep the bean market under pressure without any fresh export news.”

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