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Corn closes higher

Updated: 09/12/2011 @ 2:48pm

DES MOINES (Agriculture.com)--After starting weaker on USDA's bearish Supply/Demand Report, the corn market found buyers to help the complex finish higher Monday. Meanwhile, the government's data was negative enough for wheat and soybeans to keep those two commodity markets lower.

The Dec. corn futures settled 9 cents higher at $7.45 1/2. The Nov. soybean contract closed 30 3/4 cents lower at $13.96. The Dec. wheat futures ended 2 1/2 cents lower at $7.27 1/4. The Dec. soymeal futures settled $9.30 per short ton lower at $365.80. The Dec. soyoil futures settled $0.96 lower at $57.75.

In the outside markets, the NYMEX crude oil is $0.99 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 56 points.

Buyers returned in the corn market, in afternoon trading. However, a lack of interest combined with the unfavorable outside markets proved to be a momentum killer for wheat and soybeans, traders say.

Jack Scoville, PRICE Futures Group vice-president, says the market seems more focused on the production than the supply/demand estimates.

"The production numbers are the harder numbers.  But I am impressed with the corn. The yield was not so far from expectations that it needs to lead the charge higher. The soybean market is seeing lot of spec selling, Scoville says.  

"Did some small buying near here for a client or two. So, we will see how it goes. The funds should be selling, with the breakdown on the charts that is developing. Brazil seems quiet. Not seeing farm-selling in either market here, and no real interest either. So mostly spec as far as I can see," Scoville says  

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