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Farm markets close lower

09/07/2011 @ 9:39am

DES MOINES, Iowa (Agriculture.com)--Unable to hold opening gains, the CME Group grain and soybean prices closed lower Wednesday.

The Dec. corn futures settled 7 3/4 cents lower at $7.48. The Nov. soybean contract closed 1 3/4 cents lower at $14.20 3/4. The Dec. wheat futures ended 8 1/2 cents lower at $7.51 1/2. The Dec. soymeal futures ended $1.40 per short ton lower at $373.80. The Dec. soyoil futures closed $0.63 higher at $58.67.

In the outside markets, the NYMEX crude oil is $3.23 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 253 points.

"Little to do with these markets until we get a clearer picture on yields," one CME Group floor trader, requesting anonymity, says. Lanworth made the highs last week floating there 143 corn yield and Informa made the lows with their conservative 151 yesterday. In the end, you can drive a truck through the consquences of either number."

In the end, I will go from fearing a low yield number on Monday to fearing perhaps a high stocks number on the Quarterly Report end of September," the trader says. 

So far, he sees the corn price highs as being recorded. "Unless the yield is below say 148. Chinese import margin without import duty suggests $7.50 corn is fair. And ethanol equivalent suggests $7.50-$7.90 is fair."

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