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CME Group soybean prices attract buyers, end higher

08/02/2010 @ 11:00pm

CHICAGO, Illinois (Agriculture.com)--The CME Group soybean prices, supported by late-session buying, finished higher, corn and wheat lower Tuesday.

The Dec corn futures closed 1 3/4 cents lower at $4.02 3/4. The Nov. soybean contract settled 5 3/4 cents higher at $10.15 3/4. The Sep. wheat futures ended 12 1/2 cents lower at $6.80 3/4. Dec. soymeal is $2.10 per short ton higher at $289.50, and Dec. soyoil is 53 points higher at $41.70.

In the outside markets, the NYMEX crude oil is $1.16 per barrel higher, the dollar is lower, and the Dow Jones Industrials are down 21 points.

Tim Hannagan, PFGBest.com senior analyst, says light profit-taking is occurring in the grains. 

"Recent run-ups have the 'longs' fat with profits a little nervous.  But strong demand to start the week with China in for corn and beans with lower crop condition ratings Monday, has a floor under the market.  With 47% of the bean crop yet to enter the key pod-setting stage, traders are unwilling to remove too much weather premium, just yet," Hannagan says.

Jason Ward, Northstar Commodity Investment Co., says  corn is off the day's low of 5 cents lower. 

"In our view the corn setback is healthy and setbacks should be bought toward $3.85-3.90. Higher highs and higher lows is an uptrend and that is what we are seeing."

For soybeans, the low overnight was $9.97, down 12 cents. "$9.90 is now support and setbacks that hold that level are still buying opportunities. China bought another 8.2 million bushels of new crop beans this morning. This is becoming a daily occurrence and should not be overlooked," Ward says.


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