Soybeans Close 21¢ Lower Friday
DES MOINES, Iowa -- On Friday, the CME Group’s soybean market closed lower on technial pressure, one broker says.
At the close, the Dec. corn futures finished 1/4¢ lower at $3.36 1/2, while March futures finished 1/2¢ lower at $3.46 1/4 per bushel.
Nov. soybean futures ended 21 1/2¢ lower at $9.55, while Jan. soybean futures closed 21¢ lower at $9.61.
Dec. wheat futures ended 3/4¢ higher at $4.04 3/4.
Dec. soymeal futures finished $4.70 short ton lower at $302.80. Dec. soyoil futures closed $0.65 lower at 33.56¢ per pound.
In the outside markets, the Brent crude oil market is $1.51 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 80 points lower.
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Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says the soybean market gave back a lot of gains this week.
“ I think a lot of this is technical, as we could not really get above $9.90 per bushel for soybeans or $3.40 per bushel on the corn charts,” Scoville says. We ran into resistance and backed away. Central Midwest yields have been coming in high, especially for the beans. Rains staying to the north and guys working hard in other areas and not calling the broker, that is for sure.”