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Grains close down double-digits

Updated: 12/14/2011 @ 2:17pm

DES MOINES, Iowa (Agriculture.com)--The European debt crisis, combined with a broad-based commodity sell-off, pushed the CME Group corn, soybean, and wheat markets to a lower close Wednesday.

The March corn futures closed 13 3/4 cents lower at $5.80 3/4. The Jan. soybean contract closed 18 1/2 cents lower at $11.00. The March wheat futures settled 19 3/4 cents lower at $5.80 3/4. The January soymeal futures contract settled $1.20 per short ton lower at $282.20. The January soyoil futures settled $0.83 lower at $48.80.

In the outside markets, the NYMEX crude oil is $5.22 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 159 points.

Jack Scoville, PRICE Futures Group vice-president says this lower market is all about selling related to Europe and the Euro. 

"The Euro broke some big support today and this brought buying to the US Dollar and lots of selling to commodities and the grains were not immune.  Otherwise, the news is a little price-positive, with dryness in South America and things like that," Scoville says.  

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