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At mid-session, the CME Group grain prices remain mixed

07/22/2010 @ 11:00pm

CHICAGO, Illinois (Agriculture.com)--At mid-session, the CME Group soybean prices jump, while corn remains weak Friday.

At mid-session: The Dec corn futures are 3/4 of a cent lower at $3.89 1/2. The Nov. soybean contract is 6 1/4 cents higher at $9.85 3/4. The Sep. wheat futures are 2 cents higher at $5.98 1/2. Dec. soybean meal futures are $3.00 higher at $285.30 per short ton. Dec. soyoil futures are trading 10 points higher at 39.80.

In the outside markets, the NYMEX crude oil is $0.67 lower per barrel, the dollar is higher, and the Dow Jones Industrials are up 29 points.

Tim Hannagan, PFGBest.com senior analyst, says mixed prices on the opening come as traders are reluctant to get positioned ahead of the weekend with weather calls uncertain. "The hurricane has a 50 /50 split whether it will bring rains to the dry southern Delta grain belt or bring them further west, while the northern Corn Belt expects rain the southern half of the Midwest looks dry. There's enough chance by Monday to turn wetter as much drier. One weather model is starting to build a heat dome back inti the Midwest late next week."

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