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Corn prices end mixed

06/28/2012 @ 9:36am

DES MOINES, Iowa (Agriculture.com)--The CME Group corn market finished mixed, while soybeans end lower Thursday.

The July corn futures settled 2 1/2 cents higher at $6.52, while the Dec. contract finished 3/4 of a cent lower at $6.32 1/2. The July soybean contract finished 5 cents lower $14.66, while the Nov. 2012 contract finished 8 1/2 cents lower at $14.03 1/2. The July wheat futures finished 6 cents lower at $7.26. July soyoil futures finished $0.44 lower at $50.92. The July soymeal futures finished $1.40 lower at $426.60. 
In the outside markets, the NYMEX crude oil is $1.74 per barrel lower, the dollar is higher and the Dow Jones Industrials are 24 points lower.

Jack Scoville, PRICE Futures Group vice president, says it was a crazy trading day, with people back and forth.  

"We are in the process of digesting a lot of stuff.  Today, the health care ruling is out and causing macro changes that affect grains and the dollar. Plus, the market saw weak export sales, again today," Scoville says.  

Tomorrow, the market will trade the end-of-month, end-of-quarter and the USDA data, he says.  

"Plus, different forecasts for the weather with the European model hot and dusty and the US model wetter and cooler. But still, the U.S. forecast shows areas of risk," Scoville says.  So, there is a lot going on and a lot of trading back and forth, depending on how you feel about things."

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