DES MOINES, Iowa (Agriculture.com)--After starting much higher, the CME Group soybean market has pulled back, still trading higher Friday.
At mid-session, the Dec. futures corn contract is trading 3 1/2 cents lower at $8.11 1/4. The Nov. soybean contract is trading 9 cents higher at $17.24. Dec. wheat futures are trading 5 1/4 cents lower at $8.89 per bushel. The Dec. soyoil futures contract is trading $0.10 higher at $56.87. The Dec. soymeal futures contract is trading $3.50 per short ton higher at $518.80.
In the outside markets, the NYMEX crude oil is $0.75 per barrel higher, the dollar is higher and the Dow Jones Industrials are 65 points higher.
Tim Hannagan, Alpari (U.S.) senior grain analyst, says lack of fresh news keeps lid on farm markets.
"Without any fresh news for the bulls to buy off of, corn and bean traders continue to take long profits on any rallies taking month end profits," Hannagan says. While wheat led the way lower, as key winter wheat states begin planting in Sept., look to see heavy rains the next three days and possibly more next week depending where the hurricane lands," he says.
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