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CBOT futures markets turn lower after higher openings

Agriculture.com Staff 07/12/2006 @ 9:47am

After opening higher, CBOT corn futures turned lower in mid-mornning trading. The market considered Wednesday morning's USDA supply and demand report, seen as bullish, only for a short time.

Hot weather forecasts and how long they will hover in the Midwest is trumping the government report in the corn complex, analysts said.

July corn is 3/4 cent lower at $2.53 per bushel, and Dec is trading 1 3/4 cents lower at $2.77 1/2.

CBOT soybean futures opened higher, but turned lower as well. Wednesday's government figures didn't attract much attention. Plus, the critical weather period for soybeans isn't considered until August.

In late morning trading, Nov soybeans are 2 cents lower at $6.30 1/2.

U.S. wheat futures traded lower early, basis Sep contracts, CBOT is down 6 cents to $4.10 1/2, KCBT is 10 cents lower at $5.15, and the MGE is down 4 cents to $5.27 1/2 a bushel.

After opening higher, CBOT corn futures turned lower in mid-mornning trading. The market considered Wednesday morning's USDA supply and demand report, seen as bullish, only for a short time.

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