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Grain prices close sharply higher

Updated: 03/24/2011 @ 4:15pm

CHICAGO, Illinois (Agriculture.com)--The CME Group corn and wheat markets closed sharply higher Thursday.

The May corn futures settled 21 1/4 cents higher at $7.02 1/4. The May soybean contract settled 3 1/4 cents higher at $13.54 1/2.  The May wheat futures closed 25 1/4 cents higher at $7.39 1/2. The May soybean meal futures settled $0.20 per short ton lower at $359.80. The May soyoil futures closed $0.64 higher at $56.12.

In the outside markets, the NYMEX crude oil is $0.33 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 84 points.

Jack Scoville, PRICE Futures Group vice-president, says corn finally noticed the rally in wheat today.  "Wheat was the leader on the dry weather in the Great Plains, corn and then soybeans followed. Another lighter volume affair, my specs and my commercials were quiet.  Tomorrow might be a down day, but the overall tone is good.  No rain is likely in the western Great Plains until next week."

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