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Corn, bean prices close higher

Updated: 07/15/2011 @ 4:33pm

CHICAGO, Illinois (Agriculture.com)--With a little pull back at the end of the session, the CME Group corn and soybean prices still settled higher off of a threatening Midwest crop-weather forecast Friday.

The Dec. corn futures settled 6 1/2 cents higher at $6.85. The Nov. soybean contract closed 3 cents higher at $13.87. The Sep. wheat futures ended 12 1/4 cents lower at $6.94 3/4. The Dec. soybean meal futures contract settled $3.10 per short ton higher at $365.90 and Dec. soyoil futures closed $0.02 higher at $58.26.

In the outside markets, the NYMEX crude oil is $1.80 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 42 points.

Joe Bedore, FC Stone's Inc.'s CME Group floor trader says the rally is all about the hot weather in the Midwest.

"We all know it's suppose to be hot for the next seven days, maybe longer. Although there is a chance for some moisture, the key is the nighttime temperatures are not expected to drop much. You lose yields if the nighttime temps don't drop."

There is talk, already, about soybeans losing a bushel or two, due to extreme heat. "So until this weather verifies anything different than extreme hot temperatures, you're not going to have many sellers in the market. This market should stay strong," Bedore says.

As the corn market (Sep.) trades over that $7.00 mark, this is not being read as significant, traders say. "We've been as high as $7.22 3/4, basis December futures. Psychologically, those people that went to the sidelines may see this price level as a sign to get back into the market. Other than that, I don't see any real significance in it," Bedore says.

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