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The CME Group grain prices close mostly lower

Updated: 07/27/2010 @ 1:32pm

CHICAGO, Illinois (Agriculture.com)--After a sharply higher open, the CME Group grain markets close mostly lower Tuesday.

The Dec corn futures settled 1 cent lower at $3.77. The Nov. soybean contract ended 3/4 of a cent lower at $9.65 1/2. The Sep. wheat futures settled 5 1/2 cents higher at $5.95. Dec. soybean meal futures ended $0.80 higher at $278.30 per short ton. Dec. soyoil futures closed 27 points lower at 39.29.

In the outside markets, the NYMEX crude oil is $1.37 lower per barrel, the dollar is higher, and the Dow Jones Industrials are up 29 points.

The higher open was nothing but a 'dead-cat bounce' after the talk of Russia halting grain exports proved to be wrong," Joe Bedore, FC Stone's floor manager at the CME Group, says. 

Bedore adds, "The market ran out of buyers quickly. Plus, the U.S. crop conditions improved in yesterday's USDA report, especially the excellent ratings, and technically the market was oversold. All of those things are pressure for the market. Overall, the prices are afraid to break too much due to the August 11 USDA report approaching, he says. Traders think the USDA will be close on their number for corn."

Tim Hannagan, PFGBest.com senior analyst, says the charts rule now. "September corn futures have key support at $3.60. A close under that today $3.40 is next stop. $3.82 is resistance with a close over making $3.96 next stop. November beans have support at $9.62 with a close under setting up $9.50 next. Resistance is $9.88 with a close over setting $10.08 as next hit. September wheat needs to hold $5.72 or $5.54 is next while a close over $6.04 sets up 6.40."  

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