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Corn closes higher

09/19/2011 @ 9:47am

DES MOINES, Iowa (Agriculture.com)--With a slew of bearish news items, the CME Group farm futures settled mostly lower Monday.

The Dec. corn futures settled 1/4 of a cent higher at $6.92 1/4. The Nov. soybean contract closed 19 1/2 cents lower at $13.36. The Dec. wheat futures ended 15 1/4 cents lower at $6.73. The Dec. soymeal futures closed $4.60 per short ton lower at $348.50. The Dec. soyoil futures closed $1.02 lower at $55.84.

In the outside markets, the NYMEX crude oil is $2.38 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 120 points.

David Hightower, The Hightower Report, says, the market lacks fresh bullish news.

"When you don't have any firm fundamentals, combined with a dollar that is running higher and a risk-off mentality, you get lower markets. The rumor that China may be in the market to buy between 2.0-5.0 million metric tons soon, provided support for the corn market today."

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