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Grains close higher

09/27/2011 @ 9:36am

DES MOINES, Iowa (Agriculture.com)--Farmer-selling, combined with a lack of buying capped gains on the CME Group farm futures floor Tuesday.

The Dec. corn futures settled 4 1/4 cents higher at $6.52 1/4. The Nov. soybean contract ended 3 1/4 cents higher at $12.63. The Dec. wheat futures finished 10 cents higher at $6.58 1/4. The Dec. soymeal futures settled $0.30 per short ton higher at $330.50. The Dec. soyoil futures closed $0.38 higher at $52.78.

In the outside markets, the NYMEX crude oil is $4.19 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 311 points.

Joe Bedore, FC Stone Inc. CME Group floor manager says there were positives and negatives to the day's higher session.

"On the positive side, Dec. corn closed above the psychological barrier of $6.50. However, we finished 13 cents off the daily high. This is the second time in two weeks we couldn't hold our gains," Bedore says.

This kind of activity signals that traders want to sell the rallies and we will go down and test the $6.30-$6.40 area again, he says.

"The market just doesn't seem to have enough get up and go. Once we get these markets up 15-20 cents, we can't find buyers," Bedore says.

It almost seems that farmers are selling everything they are harvesting,  and the better-than-expected yields keep applying market pressure, he says. 

With the outside markets sharply higher and very favorable for the grains, yet the corn futures prices are 13 cents off their highs.

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