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Corn, wheat end higher

06/14/2012 @ 9:51am

DES MOINES, Iowa (Agriculture.com)--After all markets started higher, the CME Group soybean prices ended up finishing lower Thursday. 

The July corn futures settled 9 cents higher at $6.01 1/2, while the Dec. contract ended 6 1/2 cents higher at $5.17. The July soybean contract settled 21 1/4 cents lower $13.87, while the Nov. 2012 contract settled 11 3/4 cents lower at $13.08. The July wheat futures finished 7 cents higher at $6.23. July soyoil futures closed $1.06 lower at $48.04. The July soymeal futures finished $5.50 lower at $416.50. 
In the outside markets, the NYMEX crude oil is $0.89 per barrel higher, the dollar is lower and the Dow Jones Industrials are 92 points higher.

Jack Scoville, PRICE Futures Group vice president, says the market drifted lower, after opening higher, on positive export sales except for corn. 

"Corn is all about tight cash markets and nothing more.  I think a lot of money is coming off the table before the Greek elections this weekend, but maybe not much more.  Weather is mostly good, for now, hurting new crop in both corn and beans.  Kind of a slow trade I think, people do not want much these days. Mostly specs for me, my hedge side is quiet," Scoville says.


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