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Corn, wheat close sharply higher

Updated: 07/12/2011 @ 1:38pm

CHICAGO, Illinois (Agriculture.com)--The CME Group corn and wheat markets closed sharply higher on Tuesday's friendly USDA Supply/Demand WASDE Reports that show the U.S. 2010-11 corn ending stocks tightening to 15-year lows. 

The Dec. corn futures settled 25 1/4 cents higher at $6.58. The Nov. soybean contract closed 11 1/4 cents higher at $13.58 1/4. The Sep. wheat futures settled 32 3/4 cents higher at $6.72. The Dec. soybean meal futures contract closed $3.20 per short ton higher at $354.90 and Dec. soyoil futures settled $0.60 higher at $57.32.

In the outside markets, the NYMEX crude oil is $2.14 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 6 points.

Joe Bedore, FC Stone Inc.'s CME Group floor manager, says the corn market used a bullish USDA Report and 'downed' Iowa corn to turn in an impressive performance Tuesday.

"Even though we didn't go to the 'limit', the corn market looks very positive, " Bedore says. "China's demand is a driver, plus weather, and you'll start to hear people say parts of Iowa has lost 10% of its yield due to high winds this week." 

Bedore adds, "It's not hard to figure why corn is making its way up. It's making Cargill buy a $7.00-$8.00 'call' spread all day long. So, it looks like we could make our way to the top."

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