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Corn market dips into the red

Jeff Caldwell 12/20/2011 @ 10:47am Multimedia Editor for Agriculture.com and Successful Farming magazine.

Early trading's got corn dipping into the red, while soybeans and wheat hold on to slight gains, gripping on to favorable outside market factors.

In early trading, March corn is down 1/4 cent at $6.00 3/4 per bushel, while January soybeans cling on to a 2 1/4-cent gain at $11.39 1/4. March wheat is 3 1/2 cents higher at $6.03 1/4 per bushel.

Crude oil's higher and the U.S. Dollar index is lower, a combination that's typically bullish for corn. But, with lingering concerns about supply and demand for corn and a trade that continues in light volume leading up to the Christmas holiday, there's not a lot of direction in the corn pit Tuesday. The overall trend for the day's trade remains higher, though, with support remaining from the outside markets.

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