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Grain markets close higher

09/26/2011 @ 9:38am

DES MOINES, Iowa (Agriculture.com)--Buying showed up and the CME Group farm futures traded and settled higher Monday.

The Dec. corn futures closed 9 1/2 cents higher at $6.48. The Nov. soybean contract settled 1 3/4 cents higher at $12.59 3/4. The Dec. wheat futures settled 7 1/2 cents higher at $6.48 1/4. The Dec. soymeal futures settled $0.10 per short ton higher at $330.20. The Dec. soyoil futures ended $0.24 lower at $52.40.

In the outside markets, the NYMEX crude oil is $0.65 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 212 points.

Jack Scoville, PRICE Futures Group vice-president, says the buying has re-entered the grain markets. "I think we are seeing a recovery trade, after the beating these markets have taken in the last week.  Specs have been buying and some commercial buying in cash markets, I think. It was just too much too fast to the downside.  

"Farmers are starting to harvest and the results from my guys up north have been pretty good.  We will see if this trend continues but that seems to be the talk around.  If so, the upside might be limited," Scoville says.

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