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Corn, soybeans end higher

09/13/2012 @ 9:52am

DES MOINES, Iowa (Agriculture.com)--After trading mixed, the Federal Reserve's announcement of another Quantitative Easing program for the U.S. economy pushed the CME Group corn, soybean and wheat markets to a higher close Thursday.

The Dec. futures corn contract settled 4 1/4 cents higher at $7.73 3/4. Nov. soybean futures contract finished 1 1/2 cents higher at $17.47 1/4. Dec. wheat futures closed 12 cents higher at $9.02 per bushel. The Dec. soyoil futures contract finished $0.53 higher at $57.01. The Dec. soymeal futures contract closed $1.50 per short ton lower at $530.60.

In the outside markets, the NYMEX crude oil is $0.89 per barrel higher, the dollar is lower and the Dow Jones Industrials are 199 points higher.

Jack Scoville, PRICE Futures Group vice-president, says that although they closed higher, the markets started mixed, with only weak export sales and really no one interested in doing too much before the Fed Reserve numbers today.  

"But we zipped up with the the Fed announcing a new Quantitative Easing program. That was followed by soybeans fading, with a mix of spec selling again and perhaps some producer-selling from the South," Scoville says.  

Meanwhile, reported corn yields in the South are coming in at high levels, he says. Nothing as great further North, yet.  

"Corn, finished higher, but overall, is giving back some gains little by little too. It is harvest time and hard to keep the markets up for the next few weeks," Scoville says.

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