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Corn, wheat prices end higher

02/16/2012 @ 9:44am

DES MOINES, Iowa (Agriculture.com)--After starting lower, the CME Group corn and wheat markets closed higher on fresh demand news  Thursday.

The March corn futures settled 9 1/4 cents higher at $6.36 1/4. The March soybean contract settled 2 3/4 cents lower at $12.58 1/4. The March wheat futures settled 2 3/4 cents higher at $6.28 3/4.  The March soymeal futures finished $2.00 per short ton lower at $330.80. The March soyoil futures ended $0.30 lower at $53.05. 

In the outside markets, the NYMEX crude oil is $0.54 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 131 points.

Jack Scoville, PRICE Futures Group vice president, says the market traded higher, as the dollar started to give back its gains.  

"Corn remained higher on the strong export sales. I think beans are having trouble holding on ideas that Argentina's crops are still getting better," Scoville says. 

Plus, this week's export sales came in as disappointing, he says. 

"I think the China news (large purchases of U.S. soybeans) is already in the market and we are seeing some 'buy the rumor and sell the fact' selling," Scoville says.  

Wheat traded slightly higher, supported by Egypt buying U.S. wheat. But, there is still a lot of wheat around, he says.  

"I'm seeing speculators on both sides, some selling interest from commercials on the rally early. 

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