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Grains close lower

Updated: 01/06/2011 @ 5:25pm

CHICAGO, Illinois (Agriculture.com)--Weak export sales, a higher dollar, and follow-through from lower overnight markets, kept the CME Group grain prices lower all session Thursday.

The March corn futures settled 17 1/4 cents lower at $6.02. The March soybean contract closed  15 1/2 cents lower at $13.78. The March wheat futures ended 19 1/4 cents lower at $7.89. The March soybean meal futures settled $3.90 lower per short ton at $369.10. The March soyoil futures closed $0.35 lower at $57.41.

In the outside markets, the NYMEX crude oil is $0.15 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 25 points.

Jack Scoville, PRICE Futures Group vice-president, says grain prices remain lower, due to a little more spec and fund selling. "Also,  weaker jobs data and US Dollar strength are pulling the markets down. Basis in the country and at the Gulf also on the weak side, reflecting light demand. So, not a lot for the bulls today.  Export sales were not strong for corn and soybeans and I suppose much demand is shifting south. And, yes, it seems like we want to trade choppy but perhaps with a weaker tone into the reports next week."

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