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Corn, Soybeans Close Higher Friday

Wheat Followed Higher

DES MOINES, Iowa -- On Friday, the CME Group’s soybean market utilized short-covering trading activity to close higher.

At the close, the December corn futures settled 4¾¢ higher at $3.54¼ while March futures finished 4¼¢ higher at $3.63¾ per bushel.

November soybean futures ended 6¼¢ higher at $9.62½, while January soybean futures closed 5½¢ higher at $9.70¼.

December wheat futures closed 5¢ higher at $4.21.

December soy meal futures settled $1.70 a short ton lower at $300.60. December soy oil futures finished 1.04¢ higher at 34.42¢ per pound. 

In the outside markets, the Brent crude oil market is $0.39 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 66 points higher.

On Friday, China buyers inked agreements for 5.1 million metric tons of U.S. soybean purchases.

“For the markets, it’s a strange moment with farmers in the field and grain not moving that readily,” said one trader, requesting anonymity. “And, option contract expiration coming up next week is supporting prices. Soybean oil is a bit squeezed, for the moment, before crush comes online, while biodiesel consumer is moving aggressively to cover RIN obligation before losing the dollar tax subsidy again at end of year.”

Deanna Hawthorne-Lahre, StatFutures cofounder, says the markets are rallying Friday on short-covering.

“It’s mostly about short covering and big open interest issues in wheat,” Hawthorne-Lahre says.

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USDA’s Weekly Export Sales Report released Friday shows that soybean demand beat expectations, while corn and wheat sales are within. Here are the numbers:

  • Wheat = 523,100 metric tons vs. the trade’s expectations of between 300,000 and 550,000 metric tons.
  • Corn = 903,900 mt vs. the trade’s expectations of 750,000 to 1,500,000 mt.
  • Soybeans = 1.41 million mt. vs. the trade’s expectations of 800,000 to 1,300,000 metric tons.
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