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Corn, soybeans end lower

Updated: 10/22/2013 @ 2:25pm

DES MOINES, Iowa (Agriculture.com)--The CME Group corn and soybean markets ended the way they started the day…lower Tuesday. 

The Dec. corn futures contract settled 5 3/4 cents lower at $4.38. The Nov. soybean futures contract finished 1 cents lower at $13.02. Dec. wheat futures ended 1 cent higher at $7.00 per bushel. The Dec. soymeal futures contract closed $0.40 per short ton higher at $416.10. The Dec. soyoil futures are trading $0.12 lower at $41.52. 

In the outside markets, the NYMEX crude oil is $0.26 per barrel higher, the dollar is lower and the Dow Jones Industrials are 99 points higher.

Tim Hannagan, Walsh Trading Inc. grain analyst, says 

corn and beans are trading the bearish crop condition reports Monday that pushed corn up 4% and beans 5%. It helps traders feel the USDA in line with their thinking crops are bigger," Hannagan says. 

Corn is holding its lows but beans are off lows as strong demand has buyers buying breaks until the Nov. 8 crop report confirms crop size, he says.

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10/22/2013 @ 2:29pm The crop report wont confirm anything. The report will be what the idiot traders want it to be and that is bearish so you morons and keep the prices down,kinda odd that china is buying and yet prices remain low oh thats right that doesnt matter cause anything bullish is just swept aside like it didnt happen.

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