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Corn prices close sharply higher

Updated: 03/12/2012 @ 2:06pm

DES MOINES, Iowa (Agriculture.com)--After starting lower, the CME Group corn market jumped off of spread trading and cash market strength Monday.

The May corn futures settled 14 1/2 cents higher at $6.59 1/2. The May soybean contract finished 3 1/4 cents lower at $13.34 1/2. The May wheat futures settled 8 1/4 cents higher at $6.51 1/4.  The May soymeal futures finished $0.60 lower at $362.10. The May soyoil futures finished $0.31 lower at $53.96.
In the outside markets, the NYMEX crude oil is $1.06 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 45 points.

The strong cash market and futures spread activity underpinned the corn rally Monday, one CME Group floor trader, requesting anonymity says. 

"The May/July corn spread contracts have a 4 3/4 cents difference. That is rare. It's interesting to note that between 1996 to 2012 the May/July went to only + 1/4 of a cent. Plus, one well-followed grain analyst released a very bullish wire over the weekend. Now, big buying of ck 700 calls by a fund 7000 bot."

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