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Corn, wheat close higher

12/29/2010 @ 9:48am

CHICAGO, Illinois (Agriculture.com)--The CME Group grain markets closed mostly higher, with soybean prices finishing lower Wednesday.

The March corn futures settled 3/4 of a cent higher at $6.24. The March soybean contract finished 10 cents lower at $13.77. The March wheat futures settled 1 cent higher at $7.99 1/4. The March soybean meal futures ended $3.10 lower per short ton at $369.50. The March soyoil futures settled $0.41 lower at $56.98. 

In the outside markets, the NYMEX crude oil is $0.38 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 43 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the markets are following a lower overnight trade. Also, funds are taking end-of-year profits.

"A little profit taking today as month and year end looms ahead but support has selling at a minimum as drought in Argentina continues with no measurable rain thru the weeks end . Also Mexico was in for 120,000 metric tons of corn and China bought 120,000 metric tons of beans today showing prices still look good to them," Hannagan says.

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