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Corn closes higher, soybeans lower

10/04/2010 @ 9:40am

CHICAGO, Illinois (Agriculture.com)--After trading lower to start the session, the CME Group corn market settled higher, soybeans traded both sides of zero Monday.

The Dec corn futures settled 5 1/2 cents higher at $4.71 1/2. The Nov. soybean contract closed 4 cents lower at $10.53. The Dec. wheat futures ended 8 1/2 cents lower at $6.46 1/2.  The Dec. soyoil futures settled $0.38 lower at  $43.45. The Dec. soymeal futures contract closed $2.40 higher at $292.30 per short ton.

In the outside markets, the NYMEX crude oil is $0.08 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 78 points.

Tim Hannagan, PFGBest.com senior analyst, says this week's market could see a lot of mixed trading. 

"The corn market's low was right on the long term trend-line that connects the July and Aug. lows. If it holds today, and we close higher, then today's low will hold into Friday's report. We're seeing short covering on all the grains. Those who sold short last week don't want to carry those positions into Friday's crop report. The report is perceived to be bullish with lower production on corn and lower ending stocks for beans, off demand," Hannagan says.

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