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Corn, Soybean Prices Close Lower

Updated: 07/08/2014 @ 1:54pm

DES MOINES, Iowa (Agriculture.com)--Turnaround Tuesday did not carry through, as the CME Group corn and soybean and wheat markets settled lower.

At the close, the Dec. corn futures closed 2 cents lower at $4.04. Nov. soybean futures finish 9 1/4 cents lower at $11.16. Sep. wheat futures end 1/4 cent lower at $5.56. The Dec. soymeal futures contract is trading $1.40 per short ton lower at $357.30. The Dec. soyoil futures closed $0.54 lower at $37.97.

In the outside markets, the NYMEX Brent crude oil is $0.31 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 103 points lower.

Tim Hannagan, Walsh Trading Inc., says bearish report thoughts and bearish crop weather equal lower markets. It's that simple. "With a bearish crop report expected Friday, it's allowing corn and beans more time to trade the bearish weather pattern. Look for some short covering ahead of the report but then selling reenters."

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