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Corn, soybeans end higher

07/16/2013 @ 8:46am

DES MOINES, Iowa (Agriculture.com)--On Tuesday, the CME Group soybean market closes double-digit higher Tuesday.

The Sept. futures corn contract closed 9 cents higher at $5.45. New-crop Dec. corn futures closed 7 cents higher at $5.10. The Aug. soybean futures contract ended 21 cents higher at $14.75, new-crop Nov. soybeans finished 22cents higher at $12.86. Sept. wheat futures closed unchanged at $6.69 per bushel. The Dec. soymeal futures finished $11.70 short ton higher at $388.60. The Dec. soyoil futures closed unchanged at $45.28.

In the outside markets, the NYMEX crude oil is $0.44 per barrel lower, the dollar is lower and the Dow Jones Industrials are 36 points lower.

Tim Hannagan, Walsh Trading Inc. senior grain analyst, says that 90% of the  farm market's rally is about crop-weather and its effect on yield potential .

"Until  pollination is over on corn and the pod-setting stage for soybeans, weather will be the focus. After Monday's crop condition report lowered corn and beans 2% on the week, combined with this week's weather outlook showing drier and warmer conditions than needed for good development, traders began to buy on thinking next Monday's report, again, will come in lower," Hannagan says.

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