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Corn falls to 7-week low

Updated: 09/10/2012 @ 2:38pm

DES MOINES, Iowa (Agriculture.com)--Traders head to the 'sidelines' ahead of this week's USDA Crop Production Report, resulting in a lower close for the CME Group corn, soybean and wheat markets Monday. 

In fact, corn hit a 7-week low, pressured by increased harvest activity, positioning ahead of Wednesday's data, and slow demand, analysts say.

The Dec. futures corn contract settled 16 1/4 cents lower at $7.83. Nov. soybean futures contract finished 18 cents lower at $17.18. Dec. wheat futures settled 15 1/4 cents lower at $8.89 per bushel. The Dec. soyoil futures contract finished $0.10 lower at $56.56. The Dec. soymeal futures contract finished $7.50 per short ton lower at $519.40. 

In the outside markets, the NYMEX crude oil is $0.16 per barrel higher, the dollar is higher and the Dow Jones Industrials are 20 points lower.

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