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Corn, wheat finish higher

Updated: 04/23/2012 @ 2:23pm

DES MOINES, Iowa (Agriculture.com)--The CME Group soybean markets closes lower, grains higher Monday.

The July corn futures settled 9 1/2 cents higher at $6.12 1/2. The July soybean contract settled 8 1/2 cents lower  $14.41. The July wheat futures finished 9 1/2 cents higher at $6.32 1/2. The July soymeal futures closed $6.50 per short ton lower at $403.40. The July soyoil futures ended $0.79 lower at $55.49. 
In the outside markets, the NYMEX crude oil is $0.76 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 116 points.

The markets rallied a lot on Friday with rumor of a Brazil soybean embargo. That rumor was refuted with Brazil Ag minister denying any such discussion, sending the soybean market lower Monday, one CME Group floor trader says. "And, we are also post-option expiration for all May contracts. That has contributed to the set back today.

In general, prices need to stay high to encourage larger acreage growth in Soy in US and in next winters planting in Brazil/Argengtina," he says.

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