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Corn trades limit up, soybeans near limit

Agriculture.com Staff 01/12/2007 @ 9:51am

At mid-morning, the Chicago Board of Trade commodities markets have responded sharply higher to the USDA's bullish Crop Production and Quarterly Grains Stocks report. Market strength is seen lasting into next week, analysts said.

The CBOT March corn contract is trading $3.96 1/2, opening up $0.20 cents higher. That limit up price has held since the open.

March soybeans at $7.14 1/2, up 40 3/4 cents, the limit is $0.50.

Chicago wheat touched its trade limit of $0.30 this morning, and at mid-morning traded $0.29 higher at $4.86.

Shawn McCambridge, Prudential Securities, said the strong markets could extend into next week.

"Corn is fundamentally very bullish," McCambridge said. "The wheat report on Friday wasn't all that friendly. But, it's just a mentality when you have this strong of a market, that all the commodities are good for buyers. So, the strength in one market feeds the other markets."

At mid-morning, the Chicago Board of Trade commodities markets have responded sharply higher to the USDA's bullish Crop Production and Quarterly Grains Stocks report. Market strength is seen lasting into next week, analysts said.

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