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Corn, soybeans close mixed

03/01/2012 @ 9:50am

DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean and wheat markets closed mixed Thursday. 

The May corn futures settled 4 cents lower at $6.54. The May soybean contract closed 2 1/2 cents higher at $13.22 1/2. The May wheat futures ended 4 cents lower at $6.64.  The May soymeal futures closed $2.60 higher at $355.50. The May soyoil futures ended $0.20 lower at $54.27. 

In the outside markets, the NYMEX crude oil is $1.78 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 28 points.

Tim Hannagan, PFGBest.com senior grain analyst, says profit-taking is pressuring the farm markets.

"The markets are weaker from a little profit-taking off smaller weekly export sales report numbers today and yesterday's highs," Hannagan says. "Traders see the first two days of the month more like it’s the last two days of the week. We're seeing subdued trading as traders won't re-load longs until next week for the USDA Report on March 9. 


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