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Grain prices close higher

05/27/2011 @ 9:39am

CHICAGO, Illinois (Agriculture.com)--World crop-weather concerns helped the CME Group grain markets close higher Friday.

The July corn futures settled 13 cents higher at $7.58 1/2. The July soybean contract closed 5 cents lower at $13.79 3/4. The July wheat futures settled 5 1/4 cents higher at $8.19 3/4. The July soybean meal futures closed $4.70 per short ton lower at $355.60. July soyoil ended $0.09 lower at $58.61.

In the outside markets, the NYMEX crude oil is $0.19 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 18 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the mixed trading is expected ahead of a holiday weekend. "Traders are positioning, posturing and cutting risk especially with the weather change to drier next week. We should open lower Tuesday, before turning up into the weeks-end. At that point, traders will be preparing ahead of the June 9 Crop Report."

Terry Roggensack, The Hightower Report, says a potential shift from cool and wet to hot and dry is the reason traders tried to break the market today. "But, until traders know that the hot-and-dry weather is for just 10 days, not 40 days, there will be strong underlying support," Roggensack says.

Some rains in the forecast for France and good weather for planting US crops next year are short-term bearish forces, he says. But, poor US or European weather for June would suggests sharply higher trade for corn, wheat and soybeans. 

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