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At mid-session, the CME Group grains slip from earlier gains

Updated: 07/22/2010 @ 11:35am

CHICAGO, Illinois (Agriculture.com)--At mid-session, the CME Group grain markets lose some ground, since a sharply higher start Thursday. 

At mid-session, the Dec corn futures are 1 cent lower at $3.92 1/2. The Nov. soybean contract is 4 1/2 cents higher at $9.83. The Sep. wheat futures are 9 3/4 cents higher at $5.98. Dec. soybean meal futures are $0.90 lower at $284.10 per short ton. Dec. soyoil futures are trading 69 points higher at 39.74.

In the outside markets, the NYMEX crude oil is $2.12 higher per barrel, the dollar is lower, and the Dow Jones Industrials are up 199 points.

"The markets have retreated, since starting sharply higher. The lower dollar and the world weather continue to underpin the market. But, the markets have slipped back," Scott Shellady, GFI Group Inc. says. 

Europe's wheat crop is being damaged by dryness. Plus, the outside markets are supporting the grain markets Thursday. 

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