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Corn market closes higher

04/26/2011 @ 9:39am

CHICAGO, Illinois (Agriculture.com)--After starting lower, due to profit-taking, the continued wet conditions delaying planting helped the corn market close higher Tuesday, floor CME Group floor traders say.

The July corn futures settled 4 1/4 cents higher at $7.72 3/4. The July soybean contract closed 7 1/4 cents lower at $13.89 1/4. The July wheat futures settled 14 1/4 cents lower at $8.47. The July soybean meal futures settled $1.50 per short ton lower at $364.40. The July soyoil futures ended $0.20 lower at $58.62.

In the outside markets, the NYMEX crude oil is $0.20 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 108 points. "Profit-taking took place on the close, in the corn futures pit," one CME Group floor trader says. However, because the market still remained higher, that tells you of the strength in corn. Wheat was a surprise. Despite the announcement, Tuesday, that Canadian farmers will plant more wheat, the U.S. wheat regions remain under pressure."

Meanwhile, the 'bears' tried to hit this market overnight, and a stronger dollar helped send corn lower. But, with the Fed getting ready to speak this week, the market is not putting in any real pattern today, yet," one floor trader, requesting anonymity says. 

He adds, "Keep in mind, there are no bearish fundamentals. If we keep up this weather pattern, we could be at $8.25-$8.50 on the nearby after the first of the month. Plus, with more money coming out of other markets, I'm afraid those investors will come in and buy this bullish corn picture."

Tim Hannagan, PFGBest.com senior grain analyst, says to be careful on these pre-and post-weekend weather rallies, as funds like to take profits off them. "The last two weeks saw Sunday, Monday highs give way to profit-taking on Tuesday and Wednesday."

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