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Corn closes sharply lower

Updated: 09/13/2011 @ 2:07pm

DES MOINES, Iowa (Agriculture.com)--The CME Group grain and soybean markets close lower Tuesday. 

The Dec. corn futures settled 22 1/2 cents lower at $7.23. The Nov. soybean contract ended 4 1/4 cents lower at $13.91 3/4. The Dec. wheat futures settled 25 1/4 cents lower at $7.02. The Dec. soymeal futures ended $3.10 per short ton lower at $362.70. The Dec. soyoil futures closed $0.12 lower at $57.63.

In the outside markets, the NYMEX crude oil is $1.97 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 24 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the markets are still spooked by the USDA's move to drop corn usage.

"There's still thinking that even if the USDA cuts yields and production again next month they will again cut usage to keep the fear of running out of corn in the market. That’s a negative mindset for traders. Beans could rally late pulling corn back up, as the frost enters Wednesday.

Other reports indicate the markets received pressure from higher-than-expected yield results in southern Iowa and central Illinois.

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Really 09/13/2011 @ 6:34pm Last time I checked southern Iowa and Illinois does not make the whole US crop,it's interesting too me that all summer it's been a struggle for farmers and USDA knows how bad the crop is somt hey are gonna limit our profits so they and the investors continue too make money whom cares about the farmers we just do this for fun.

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