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Corn, wheat close higher

09/18/2013 @ 8:52am

DES MOINES, Iowa (Agriculture.com)--With the Federal Reserve announcing no changes in its quantitative easing program, the CME Group corn, soybean and wheat markets benefitted from the positive overall commodities reaction Wednesday.

Also, the soybean market caught support from demand news. --USDA announces Wednesday that China bought 1.93 million tons of U.S. soybeans for 2013-14 delivery.

On Wednesday, USDA announces that China bought 182,000 tons of U.S. soybeans to China for 2013-14 delivery. The Dec. corn futures contract closed 2 cents higher at $4.56. The Nov. soybean futures contract settled 5 cents higher at $13.47. Dec. wheat futures end 3 1/2 cents higher at $6.46 per bushel. The Dec. soymeal futures are trading $0.80 per short ton lower at $425.80. The Dec. soyoil futures settled $0.47 higher at $42.71. 

In the outside markets, the NYMEX crude oil is $2.32 per barrel higher, the dollar is lower and the Dow Jones Industrials are 174 points lower.

The Fed Reserve announced Wednesday that it will not change its quantitative easing program. No tapering will occur, for now.



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Soybeans Rally on Demand, Weather