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Corn, Soybean Markets Remain Higher

07/16/2014 @ 8:38am

DES MOINES, Iowa (Agriculture.com)--At mid-session, the CME Group corn, soybean and wheat markets are trading up.

The Dec. corn futures are trading 4 3/4 cents higher at $3.86.

Nov. soybean futures are trading 9 3/4 cents higher at $10.96.

Sep. wheat futures are 1 1/4 cents higher at $5.39.

The Dec. soymeal futures contract is trading $6.80 per short ton higher at $354.00.

In the outside markets, the NYMEX Brent crude oil is $0.95 per barrel higher, the dollar is higher and the Dow Jones Industrials are 63 points higher.

Tim Hannagan, Walsh Trading Inc. senior grain analyst, says profit-taking (traders selling short positions) is pushing the farm markets up, today.

"Big breaks in the markets always bring on profit taking. Profit taking is a little easier with talk in the back ground of a potential heat dome moving into the Midwest next week. Plus, the some in the trade feel like an early frost is certain this year," Hannagan says.

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