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Corn, soybean prices end down

Updated: 11/23/2011 @ 1:42pm

DES MOINES, Iowa (Agriculture.com)--A slew of negative factors swamped the CME Group corn, soybean and wheat markets Wednesday.

The Dec. corn futures closed  10 1/4 cents lower at $5.88 1/4. The Jan. soybean contract ended 30 1/2 cents lower at $11.22 1/4. The Dec. wheat futures settled 14 3/4 cents lower at $5.79.

In the outside markets, the NYMEX crude oil is $1.96 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 203 points.

Jack Scoville, PRICE Futures Group vice president, says a lot of the selling today is related to the US Dollar moving sharply higher. "This is a reaction to the German bond auction that I guess did not go well at all.  There is no real reason to be bearish the grains and oilseeds, otherwise."  

It's important to note that the markets made lows early in the session and have rebounded back close to the overnight close, he says.

"We might hang around here the rest of the day. Volumes are light so far.  I think mostly the funds just blowing their brains out for no real reason, and hopefully the commercials are stepping up to do some pricing. But, for me, it is quiet here," Scoville says.

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