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12-14-2012 07:09 AM - edited 12-14-2012 02:19 PM
At the close:
The March futures corn contract settled 10 cents higher at $7.30. The Jan. soybean futures contract finished 18 cents higher at $14.94. March wheat futures finished 5 cents higher at $8.14 per bushel. The Jan. soyoil futures contract finished $0.91 higher at $49.91. The Jan. soymeal futures contract finished $2.40 per short ton higher at $457.70.
In the outside markets, the NYMEX crude oil is $0.82 per barrel higher, the dollar is lower and the Dow Jones Industrials are 35 points lower.
At mid-session, the March futures corn contract is trading 4 cents higher at $7.25. The Jan. soybean futures contract is trading 17 cents higher at $14.93. March wheat futures are trading 7 cents higher at $8.15 per bushel. The Jan. soyoil futures contract is trading $0.85 higher at $50.32. The Jan. soymeal futures contract is trading $2.50 per short ton higher at $457.80.
In the outside markets, the NYMEX crude oil is $0.67 per barrel higher, the dollar is lower and the Dow Jones Industrials are 8 points higher.
One analyst says, "Corn and wheat are trading higher on profit taking by short held positions after Thursdays low was the accumulation of a 75 cent sell off from last weeks high on wheat and 50 cents on corn . its Friday and tradrers are cutting risk not wanting to leave profits on the table over the weekend not knowing what overseas markets will do. Beans are firmer on follow thru from Thursdays bullish weekly export sales report that put the December exports of beans equal to all of November."
At the open:
At the open, the March futures corn contract is trading 2 cents higher at $7.23. The Jan. soybean futures contract is trading 15 cents higher at $14.92. March wheat futures are trading 4cents higher at $8.12 per bushel. The Jan. soyoil futures contract is trading $0.60 higher at $49.60. The Jan. soymeal futures contract is trading $4.10 per short ton higher at $459.40.
In the outside markets, the NYMEX crude oil is $0.37 per barrel higher, the dollar is lower and the Dow Jones Industrials are 53points higher.
The National Oilseed Processors Association (NOPA) released its monthly soybean crush report Friday:
NOPA November crush rate of 157.30 million bushels is on the low end of the trade's expectations of 157-158 million bushels. However, this is just below the 2009 record of 160 million bushels. So, you can see why folks are nervous that the U.S. is chewing through soybean supplies too quickly. We are exporting and crushing at record levels. Overall, the news is bullish for today's market.
Early calls: Corn 1-2 cents higher, soybeans 10-12 cents higher and wheat 3-5 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.85 per barrel higher.
Wall Street=Seen opening higher off of news from China that its economy is growing. Fiscal cliff concerns could trump investors thoughts.
World=Asia/Pacific stocks are mixed, and Europe's stocks are lower.
More in a minute,