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Corn, soybeans kick off week lower

Jeff Caldwell 10/08/2012 @ 8:09am Multimedia Editor for Agriculture.com and Successful Farming magazine.

With not much bullish news to speak of over the weekend and expected record-fast harvest progress when USDA adds up its weekly Crop Progress numbers Tuesday afternoon, the corn and soybean markets are starting the day lower on Monday.

Open outcry trading will take Monday off on the CME Group floor on account of the Columbus Day holiday. Electronic trading on the CME Globex platform, however, will trade on its normal schedule.

In early trading, December corn futures were 6 1/2 cents lower at $7.41 1/2 per bushel, while November soybeans were 8 1/2 lower at $15.43. Wheat futures are still riding higher, with the December contract 2 1/2 cents higher at $8.60.

"The world really hasn't changed that much since Friday," says Scott Shellady, Agriculture.com Market Analyst and options specialist with the Trean Group in Chicago. " I still find it absolutely amazing that we are at these price levels and volumes are so low. A number of reasons why but it still seems perplexing."

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