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Grain prices close higher

Updated: 08/22/2011 @ 3:14pm

CHICAGO, Illinois (Agriculture.com)--Favorable outside markets, crop weather concerns, weaker global wheat output worries, all helped the CME Group grain and soybean markets to trade higher bell-to-bell Monday.

The Dec. corn futures settled 9 1/4 cents higher at $7.34 1/2. The Nov. soybean contract settled 16 3/4 cents higher at $13.85 1/4. The Dec. wheat futures ended 4 3/4 cents higher at $7.66. The Dec. soyoil futures settled $0.23 higher at $56.18 The Dec. soymeal futures closed $8.80 per short ton higher at $369.70.

In the outside markets, the NYMEX crude oil is $0.23 per barrel higher, the dollar is higher and the Dow Jones Industrials closed 37 points higher.

Three issues seemed to drive the market today, Tim Hannagan, PFGBest.com senior grain analyst says.

"One, weekend rains were much lighter than expected with coverage of 50% or less area in the Midwest area versus 70% expected and lighter overall totals. Two, we have a lower dollar encouraging exports, higher crude oil pulling up corn based ethanol and a higher stocks index,"

The third issue is a drier forecast for the Midwest this week, with coverage of 50% or less with rain totals of 0.25 to 1.00 inches, he says. "Traders also expect a crop tour to unveil their thoughts that the corn and bean crop is smaller than recent USDA reports suggest," Hannagan says. 

It’s the last full trading week of the month. So, expect funds to take profits off the rallies, he says. "Also, beware of 'turn around Tuesday' after two days of long profits made may see profit taking on Tuesday."

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