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Grains close lower

Updated: 01/28/2011 @ 3:27pm

Agriculture.com--What a wild day of back-and-forth trading for the corn and soybean markets, only to close lower Friday. After starting lower, the soybean market gained strength, but a favorable Argentine weekend weather outlook doomed prices in the end. Corn was pulled down by profit-taking and a lagging wheat market, analysts say. 

Meanwhile, street protests in Egypt have been pressuring the Dow Industrials, pushing up crude oil prices and provided temporary mid-session support for the CME Group corn and soybean markets Friday.

At the close, the March corn futures settled 6 3/4 cents lower at $6.44. The March soybean contract ended 1 1/4 cents lower at $13.98.  The March wheat futures settled 20 1/2 cents lower at $8.25 3/4. March soybean meal futures settled $0.40 lower per short ton at $377.00. The March soyoil futures closed $0.14 lower at $57.27.

In the outside markets, the NYMEX crude oil is $3.67 per barrel higher, the dollar is higher, and the Dow Jones Industrials are down 163 points, shaken from its 29-month high.

Tim Hannagan, PFGBest.com senior grain analyst, says the world political unrest has shaken the grain market Friday.

"Civil unrest in Middle East countries, with over double-digit food inflation and riots in Egypt today, after the Tunisian government was over-thrown recently, temporarily supported the grain markets," Hannagan says.

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