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Corn closes slightly higher

Updated: 05/13/2011 @ 2:12pm

CHICAGO, Illinois (Agriculture.com)--The CME Group corn price settled slightly higher, as wheat and soybeans sold off at the close of Friday's session.

The July corn futures settled 1 1/4 cents higher at $6.82. The July soybean contract closed 13 1/4 cents lower at $13.26 1/2. The July wheat futures ended 7 3/4 cents lower at $7.27 3/4. The July soybean meal futures closed $7.90 per short ton lower at $345.40. The July soyoil futures closed $0.32 lower at $56.14.

In the outside markets, the NYMEX crude oil is $0.42 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 104 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the markets are reacting to a wet weekend weather forecast.

"Lots of rain to fall across the upper Plains spring wheat and corn states and eastern Corn Belt of Illinois, Indiana, and Ohio in the next 48 hours," Hannagan says. "An even wetter system is on-tap for next Thursday to enter."

The market sees this inclement weather keeping planting in the states furthest behind, he says. "This has corn firm with weakness in soybeans on old psychology that the later we plant corn, the less we plant more beans."

Meanwhile, the rain has wheat off slightly as the rain is friendly-to-bullish for spring wheat planting delays. "But, it might be helpful to the dry winter wheat states of Texas, Colorado, Oklahoma and Kansas," Hannagan says.

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