Market News

Soybeans fade late in the Friday session

Soybeans gained strength through some of the Friday trading session, but closed lower on profit taking.  Concerns about wet fields and slow or prevented planting caused the market to be higher for part of the session, but the gains didn’t hold.  DTN cited ample world supplies limiting gains in the price of soybeans.

Corn was lower and stayed that way much of the Friday session with pressure coming from the stronger dollar and from weaker energy prices tipping the balance against concerns over excessive rain. Ethanol margins are under pressure from the falling value of dried distillers grains.

Wheat was narrowly mixed in Chicago, trading both sides of even money with the stronger dollar weighing against some disappointing harvest results so far.  Both the Kansas City and Minneapolis exchanges stayed consistently higher most of the session.  Concerns about wheat areas that are too wet or expecting more rain limited selling interest in wheat. Exports need to pick up before a wheat rally can be sustained, but large world supplies make that less likely.