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Corn, soy prices retreat

02/02/2011 @ 9:43am

CHICAGO, Illinois (Agriculture.com)--Profit-taking and world uncertainties have caused a pullback in CME Group corn and soybean prices Wednesday.

At mid-session, the March corn futures are 1 3/4 cents lower at $6.64 3/4. The March soybean contract is 4 cents lower at $14.34.  The March wheat futures are 18 1/4 cents higher at $8.54. March soybean meal futures are $4.50 lower per short ton at $385.50. The March soyoil futures are $0.26 higher at $58.98.

In the outside markets, the NYMEX crude oil is $0.02 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 1 point.

Because of uncertainty with Egypt's protesting situation, investors are either sitting on the sidelines or taking profits, one trader says.

Meanwhile, Jack Scoville, PRICE Futures Group vice-president, says today's trading is based on 'buy the rumor and sell the fact'.  

"The storm is now moving east and what is done is done.  Plus the Dollar is a little higher and things seem fairly quiet today in the Mideast.  I have not seen a lot of action on either side of the market so far, I think it is mostly larger spec trading and some funds too.  My guys, farmers or industry, are quiet so far today, but many sold the rally yesterday to get out before today.  A very light volume day, so far, as most people have snow shovels in hand and not computers," Scoville says.


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