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Corn, soybeans settle higher

Updated: 12/14/2012 @ 3:09pm

DES MOINES, Iowa (Agriculture.com)--With end-of-day buying, the CME Group corn, soybean and wheat markets closed higher Friday.

The March futures corn contract settled 10 cents higher at $7.30. The Jan. soybean futures contract finished 18 cents higher at $14.94. March wheat futures finished 5 cents higher at $8.14 per bushel. The Jan. soyoil futures contract finished $0.91 higher at $49.91.  The Jan. soymeal futures contract finished $2.40 per short ton higher at $457.70.

In the outside markets, the NYMEX crude oil is $0.82 per barrel higher, the dollar is lower and the Dow Jones Industrials are 35 points lower.

Tim Hannagan, Alpari (U.S.) LLC senior grain analyst, says corn and wheat finished higher on profit-taking.

"Traders with short-held positions, after Thursday's low was the accumulation of a 75 cent sell off from last week's high on wheat and 50 cents on corn, used Friday to cut risk not wanting to leave profits on the table over the weekend," Hannagan.

In addition, traders took profit not knowing what overseas markets will do, he says. 

Beans remained firm on follow-thru from Thursday's bullish weekly export sales report. "That report put the December exports of beans equal to all of November," Hannagan says.

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