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Corn closes up 20¢

Updated: 06/20/2013 @ 10:06am

DES MOINES, Iowa (Agriculture.com)--A forecast that calls for a building heat ridge in the Midwest helped the CME Group corn, soybean, and wheat prices settle sharply higher Wednesday. On the week, the corn and wheat markets are up 4%.

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The July futures corn contract closed 9 cents higher at $6.82. New-crop December corn futures settled 20 cents higher at $5.70. The July soybean futures contract ended 12 cents higher at $15.23; new-crop November soybeans closed 21 cents higher at $13.10. July wheat futures finished 19 cents higher at $7.07 per bushel. The July soymeal futures closed $1.80 per short ton higher at $453.60. The July soyoil futures ended 54 cents higher at $49.35.

In the outside markets, the NYMEX crude oil is 5 cents per barrel lower, the dollar is higher, and the Dow Jones Industrials are 71 points lower.

"With this Midwest heat ridge building in the forecast models, the trade thinks the drought starts today," one CME Group floor trader, requesting anonymity, tells Agriculture.com.

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