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Corn, soybeans close lower

03/28/2012 @ 9:35am

DES MOINES, Iowa (Agriculture.com)--After starting higher, the CME Group corn, soybean and wheat markets finished lower Wednesday.

The July corn futures settled 11 1/4 cents lower at $6.19 1/2. The July soybean contract closed 3 3/4 cents lower at $13.73. The July wheat futures ends 9 1/4 cents lower at $6.43 1/2.
In the outside markets, the NYMEX crude oil is $2.10 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 115 points.

Jack Scoville, PRICE Futures Group vice president, says today has reflected trade ideas about the Friday reports as much as anything. "Corn and wheat prices are down on expected negative reports, beans higher on expected positive reports," Scoville says.

It's been kind of quiet so far, mostly a spec trade.  Interesting that China buying six cargoes of US corn produced so little positive price reaction. It just shows you the importance of the Friday reports in everyone's minds around here."

It does not seem to be a particularly big volume day, so far today, he says.  

"Overall, the tone seems to be to get position sizes reduced or get out and today seems to be a day to do it."

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