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Corn, soybeans close lower

Updated: 11/10/2011 @ 2:00pm

DES MOINES, Iowa (Agriculture.com)--After trading mixed to start, the CME Group corn, soybean, and wheat markets ended lower Thursday.

The Dec. corn futures settled 10 1/2 cents lower at $6.45 1/2. The Jan. soybean contract closed 18 cents lower at $11.67 1/2. The Dec. wheat futures ended 23 cents lower at $6.20. The Dec. soymeal futures closed $5.20 per short ton lower at $297.90. The Dec. soyoil futures closed $0.47 lower at $50.52. 

In the outside markets, the NYMEX crude oil is $2.07 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 106 points.

Tim Hannagan, PFGBest.com senior grain analyst, says aftermath of Wednesday's Report is holding down the farm markets.

"Short-covering and buying rallied all three grains into the Wednesday USDA Crop Report. And after the report response was viewed as neutral, traders are removing the pre-report premium that was built-in.The trade will go back to outside market trading influence Friday," Hannagan says.

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