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Farm markets close mixed

Updated: 06/27/2011 @ 5:44pm

CHICAGO, Illinois (Agriculture.com)--For the most part, the CME Group corn and soybean markets closed lower due to continued pressure from both outside and inside factors Monday, traders say.

The July corn futures settled 9 1/4 cents lower at $6.60 3/4. The Nov. soybean contract settled 5 3/4 cents higher at $13.15. The Sep. wheat futures ended 10 1/4 cents lower at $6.50 3/4. The Dec soybean meal futures contract closed $2.60 higher at $339.50 and Dec. soyoil futures settled $0.16 lower at $56.20. 

In the outside markets, the NYMEX crude oil closed $0.53 per barrel higher, the dollar is lower and the Dow Jones Industrials finished up 108 points.

After the close, the USDA rated the U.S. corn crop as 68% good/excellent, 2% below a week ago. Soybeans are rated 65% good/excellent. Wheat is rated 69% good/excellent, down 3% from a week ago.

Analysts say the USDA crop ratings are worsening and that is bullish for Tuesday's trade.

Regarding Monday's trade, Tim Hannagan, PFGBest.com senior analyst says good export news and bullish pre-report acreage estimates offered higher trade after the opening. "But, a higher dollar, lower crude oil  and economic gloom over seas brought some selling in across the board," Hannagan says. Big funds were big sellers of their book last week, and again today, but new crop grains could come back late, he says. 

"We should expect shorts to cover ahead of Thursday's Acreage Report before Wednesday, as well as some buying to enter," Hannagan says.

Meanwhile, a separate CME Group floor trader, requesting anonymity, says there is still a very large 'open interest' in July, which suggests more long liquidation. "Plus, the fact that Black Sea feed-grain is offered in the world market $40 dollars a tone cheaper than U.S. corn, a dollar a bushel lower, I am a nervous 'long' and doubt I will own anything into Thursday’s USDA Acreage report."

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