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Corn, soybeans close higher

11/13/2012 @ 11:13am

DES MOINES, Iowa (Agriculture.com)--After trading both sides of unchanged, the CME Group corn and soybean markets closed mostly higher Tuesday.

Due to a lack of buying, the farm markets have reversed their trading direction.

The December futures corn contract settled 5 cents higher at $7.23. January soybean futures contract settled 3 cents higher at $14.08. December wheat futures closed 6 3/4 cents lower at $8.51 per bushel. The December soyoil futures contract finished 37 cents lower at $47.02. The December soymeal futures contract finished $1.70 per short ton higher at $433.10.

In the outside markets, the NYMEX crude oil is 28 cents per barrel lower, the dollar is higher, and the Dow Jones Industrials are 31 points lower.

Jack Scoville, PRICE Futures Group vice-president, says the buying was short-lived today. "Seemed like the buying was for turnaround Tuesday, but there really wasn't that much, and it was not real impressive. So someone came in and beat on it," Scoville says.

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