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Corn pulls back, finishes up sharply

Jeff Caldwell 06/09/2011 @ 3:05pm Multimedia Editor for Agriculture.com and Successful Farming magazine.

Nearby corn backed off the trading limit after an afternoon pullback to close higher, replying mostly to bullish USDA grain stocks reports released Thursday morning.

At the close, July corn futures were 21 1/2 cents higher at $7.85 1/2 per bushel while July soybeans ended the day 7 3/4 cents lower at $13.93 3/4 per bushel, reflecting USDA's bean stocks numbers higher than estimates a month ago. July wheat futures ended the day 3 cents lower at $7.45 per bushel, according to Barchart.com.

The numbers -- as well as a lot of uncertainty about current crop weather and whether or not there's enough corn on hand to meet demand through the end of the summer -- has some farmers "extremely uncomfortable" about the markets.

"Corn will determine the extent to which grains take a firm direction in the next month or two. Weather extremes in corn country could make for a lot of squirming in the near future," says Agriculture.com Marketing Talk member Palouser. "I don't see a way out of this unless the corn belt becomes the Garden of Eden the rest of the summer. I have never been so uncomfortable about grains."

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