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Corn, Wheat Close Higher

08/15/2014 @ 8:57am

DES MOINES, Iowa (Agriculture.com)--After trading both sides of zero, the CME Group corn and wheat markets closed higher Friday.

The Dec. corn futures settled 3 1/2 cents higher at $3.77.

Nov. soybean futures closed 4 cents lower at $10.52.

Sep. wheat futures finished 14 cents higher at $5.51.

Dec. soymeal futures closed $2.40 higher at $353.50. Dec. soyoil futures finished $0.65 lower at $33.21.

In the outside markets, the NYMEX Brent crude oil is $0.44 per barrel lower, the dollar is lower and the Dow Jones Industrials are 44 points lower.

Joe Bedore, FC Stone's CME Group floor trade manager, says the market is confused, as it grabs for straws and something new to trade. "Early in the day, somebody put in a big program to buy beans, meal and corn. That buying pushed up the market," Bedore says. 

Then the market broke a bit, due to confusion on the FSA U.S. Planted Acreage, he says. 

"That was followed by the news of Russia's "aid" convoy going to be attacked by Ukraine military. That global news rallied the wheat market by 18 cents, beans up 6 cents, corn up 5 cents. And then, wheat broke a dime, beans fell 5 cents, corn fell 3 cents. So, the market must not believe the Russian report or the FSA preliminary acreage data," Bedore says. 

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