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Corn, soybeans close higher

11/23/2012 @ 9:47am

DES MOINES, Iowa (Agriculture.com)--The bullish USDA's Weekly Export Sales Report helped the CME Group corn, soybean and wheat markets to close higher Friday.

At the close, the Dec. futures corn contract settled 4 cents higher at $7.45. Jan. soybean futures contract closed 10 cents higher at $14.18. Dec. wheat futures finished 2 cents higher at $8.47 per bushel. The Dec. soyoil futures contract is trading $0.49 higher at $49.32. The Jan. soymeal futures contract settled 0.70 per short ton higher at $428.60.

In the outside markets, the NYMEX crude oil is $1.22 per barrel higher, the dollar is lower and the Dow Jones Industrials are 172 points higher.

On Friday, the USDA released its Weekly Export Sales Report. For corn, USDA estimates sales at 958,600 mt vs. the trade's expectations of 250-500,000.

For soybeans, exports totaled 543,600 mt vs. the trade's expectations of 400,000-650,000.

Wheat sales are estimated at 657,400 mt vs. the trade's expectations of 200,000-450,000.

For soymeal, USDA estimated at 197,900 vs. the trade's expectations of 200,000-300,000.

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