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Corn, soybeans settle higher

Updated: 10/14/2013 @ 6:21pm

DES MOINES, Iowa (Agriculture.com)--After starting lower, the CME Group corn, wheat markets joined the soybean market to settle higher Monday.

The Dec. corn futures contract closed 3 3/4 cents higher at $4.37. The Nov. soybean futures contract finished 6 1/4 cents higher at $12.73. Dec. wheat futures ended 1/4 cent higher at $6.92 per bushel. The Dec. soymeal futures settled $4.00 per short ton higher at $407.40. The Dec. soyoil futures closed $0.11 higher at $40.39. 

In the outside markets, the NYMEX crude oil is $0.47 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 56 points higher.

Jack Scoville, PRICE Futures Group vice president, says the markets are trading with light volume.

"It is a slow to moderate volume trade today. Soybeans are the most active, with some buying tied to ideas of big buying in the last week by the Chinese."  

The talk is that China bought at least 1 million tons, but of course nothing has been confirmed, Scoville says.  

"Corn up a bit too, I think in sympathy with beans mostly. No real news for corn, although it also has some China buying rumors, maybe a million there too," Scoville says.  

The wheat is down on no demand, so far, and good conditions in the Prairies, he says.  

"Brazil might still be buying wheat, but the rumor mill is more quiet there. Beans giving back some gains, maybe a bit of farm-selling."

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