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Corn, wheat prices end down

07/06/2011 @ 9:52am

CHICAGO, Illinois (Agriculture.com)--After a slow day of trading, the CME Group corn and soybean prices closed weaker Wednesday. 

The Dec. corn futures closed 4 cents lower at $6.08 1/2. The Nov. soybean contract ended 1/2 of a cent higher at $13.18 1/2. The Sep. wheat futures settled 8 1/2 cents lower at $6.27. The Dec. soybean meal futures contract closed $2.30 per short ton higher at $343.20 and Dec. soyoil futures closed $0.18 higher at $56.39.

In the outside markets, the NYMEX crude oil is $0.13 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 56 points.

The higher dollar is pressuring the grains. Increased demand, with today's fresh corn sales, is supporting the corn market, analysts say.

Tim Hannagan, PFGBest.com senior grain analyst, says the higher dollar is pressuring the grains. Increased demand, with today's fresh corn sales, is supporting the corn market. "They are trading three or four friendly and negative events today with no major theme over riding the market," Hannagan says.

The negative news was higher crop condition numbers on last night's report and generally good growing weather this week and softer energy prices with a higher dollar. The positive news is good export news for corn today with sales to Asia with higher metals and stocks. "So, weather rules, when the USDA is quiet. But, quiet not for long as next Tuesday's USDA monthly crop report comes out and as we know from last week's acreage report, surprises come from Bulls and Bears."

 





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