Corn and wheat took a downturn this week and soybeans made good gains. Demand from China lead soybeans higher to end the week 14.50 cents higher in November and 14.75 cents higher in the January contract, says Jerry Gulke of The Gulke Group.
A poor week for exports in corn brought that contract higher, but rumors of more China demand kept a floor on corn prices.
Gulke says wheat prices were lower primarily due to traders taking spreads on corn and wheat that put them into a short position for wheat. A higher close on Friday, however, leads him to believe that traders may be getting out of that position.
(click to enlarge)