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A closing rally for corn, soybeans

10/27/2011 @ 9:38am

DES MOINES, Iowa (Agriculture.com)--After getting knocked off their opening highs, the CME Group corn, soybean and wheat markets had quite the day-ending rally Thursday.

The Dec. corn futures settled 14 1/4 cents higher at $6.51 1/2. The Jan. soybean contract finished 24 1/2 cents higher at $12.44. The Dec. wheat futures closed 24 1/2 cents higher at $6.44. The Dec. soymeal futures settled  $6.50 per short ton higher at $323.50. The Dec. soyoil futures ended $1.22 higher at $52.11. 

In the outside markets, the NYMEX crude oil is $3.80 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 360 points.

Jack Scoville, PRICE Futures Group vice-president, says the rally was sparked by a weaker, stronger stocks and evaporating selling pressure. "I am sure there was commercial selling along with some spec long liquidation, profit taking and loss taking most likely. But, the commercials stopped in the last half hour or 15 minutes, and the day traders sold the early rally and had to cover. So, up we went again," Scoville says.

Overall, the markets enjoyed a strong day mostly due to outside influences, i.e. Europe. "But given the moves in the dollar index and the stocks it is easy to see why grains and about every other commodity went up," he says.

The DJIA daily chart and weekly chart imply much more upside for stocks. The Dollar is back in range of its lows, he says.  

"Should make for an interesting night and day tomorrow," Scoville says.

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