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Farm markets end higher

12/06/2011 @ 9:36am

DES MOINES, Iowa (Agriculture.com)--After trading mixed most of the day, the CME Group corn, soybean and wheat markets found a way to finish higher Tuesday.

the March corn futures are trading 1/2 of a cent lower at $5.90 1/2. The Jan. soybean contract is trading 3/4 of a cent higner at $11.27. The March wheat futures are trading 4 1/2 cents lower at $6.07. The Jan. soymeal futures are trading $1.30 per short ton higher and Jan. soyoil is trading $0.14 lower at $50.05.

In the outside markets, the NYMEX crude oil is $0.23 per barrel lower, the dollar is higher and the Dow Jones Industrials are up 35 points.

Richard Feltes, RJ O'Brien vice president of research, says the market lacks any fresh news to trade. "The markets were just treading water today, awaiting Friday's USDA Crop Report and late week EU announcements. Fundamental news is rather scarce, as I suspect Friiday's report will be bearish. 

Tim Hannagan, PFGBest.com senior grain analyst, says demand remains a non-driving force to futures. Corn, wheat and bean sales are running slightly under the year prior, at a time when harvest supplies are plentiful. 

"There's no fear that ending stocks will decline further near-term and most traders feel higher ending stocks could show up on this Friday's USDA crop report, especially as there will be no production update. The last three reports showed production declines. The next report on production is in January," he says.


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