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Farm markets close lower

Updated: 06/13/2011 @ 2:20pm

CHICAGO, Illinois (Agriculture.com)--The CME Group farm markets closed weaker Monday.

The July corn futures settled 4 1/2 cents lower at $7.82 1/2. The July soybean contract closed 4 1/2 cents lower at $13.82 3/4. The July wheat futures ended 16 1/4 cents lower at $7.43. The soybean meal futures contract settled $3.20 per short ton lower at $370.10. Soyoil futures settled $0.03 lower at $56.56. 

In the outside markets, the NYMEX crude oil is $2.03 per barrel lower, the dollar is higher and the Dow Jones Industrials are up 37 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the funds' profit-taking activity pulled the farm markets down Monday.

"The Funds buy long into the monthly USDA Supply/Demand Report and take profits afterwards. It's their trading pattern. So, it's profit-taking from the Report rally. But,  it won't last, as this week or next gives us the low with a rally into the June 30 report."

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