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Corn, wheat close higher

Updated: 07/27/2011 @ 2:00pm

CHICAGO, Illinois (Agriculture.com)--The CME Group wheat market pushed corn prices higher Wednesday. However, soybean prices remained under pressure, closing lower.

The Dec. corn futures settled 4 3/4 cents higher at $6.91 1/2. The Nov. soybean contract closed 8 1/4 cents lower at $13.80 1/2. The Sep. wheat futures settled 10 3/4 cents higher at $7.04 3/4. The Dec. soybean meal futures contract ended $5.70 per short ton lower at $363.60. Dec. soyoil closed $0.16 lower at $57.31.

In the outside markets, the NYMEX crude oil is $2.29 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 159 points.

With the dollar breaking yesterday, and the debate on the U.S. debt default continues, there is talk that investors may look at shifting money away from equities and into commodities, one CME Group floor trader, requesting anonymity says. 

Meanwhile, the market is keeping a close eye on corn yield potential. Most in the trade are estimating the U.S. average corn yield between 156-157 bushels per acre, 3 to 4 bushels below trendline. We need to see better rains in central Illinois and Indiana to relieve last of dry area," the  floor trader says."

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