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Corn, soybeans close up

Updated: 08/08/2012 @ 2:49pm

DES MOINES, Iowa (Agriculture.com)--After starting lower, the CME Group corn, soybean and wheat markets found wind on a drier longterm Midwest weather outlook and positioning ahead of this Friday's USDA Report, analysts say.

The Sep. corn contract settled 14 3/4 cents higher at $8.10 3/4, while the Dec. futures corn contract finished 16 cents higher at $8.16 1/2. The August soybean contract finished 24 3/4 cents higher at $16.30, Nov. soybean futures closed 15 1/2 cents higher at $15.81 1/4 per bushel. The Sept. soymeal settled $8.50 per short ton higher at $500.00, while the Dec. soyoil settled $0.28 higher at $52.39.
In the outside markets, the NYMEX crude oil is $0.28 per barrel lower, the dollar is higher and the Dow Jones Industrials are 10 points higher.

Tim Hannagan, Alpari LLC senior grain analyst, says the markets remain choppy.

Choppy two-sided trade early. But, you have to expect a lean to the upside on corn and bean, now through Thursday, as traders get positioned ahead of what's perceived to be a bullish USDA Crop Report Friday," Hannagan says.

Weather is turning neutral-to-negative, with no high heat the next 10 days and several rainy patterns into the 17th of August, he says. 

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