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Grains close lower

04/07/2011 @ 9:42am

CHICAGO, Illinois (Agriculture.com)--Ready for the Friday USDA Supply/Demand Report, traders positioned themselves by profit-taking, sending the CME Group grain and soybean markets lower Thursday.

The May corn futures settled 4 cents lower at $7.59. The May soybean contract settled 13 cents lower at $13.63 1/2. The May wheat futures ended 9 cents lower at $7.73 1/4. The May soybean meal futures closed $4.70 per short ton lower at $350.90. The July soyoil futures settled $0.46 lower at $58.32.
In the outside markets, the NYMEX crude oil is $1.41 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 43 points.

Joe Bedore, FC Stone's CME Group floor manager, says the corn market is leading the pullback, ahead of Friday's USDA Supply/Demand Report. 

"The corn market is giving back, after running strong most of the week, plus soybeans and wheat have been weak. Also, the pullback has a little to do with tomorrow's USDA Supply/Demand expectations of ending stocks. Though the average estimate for the 2010-11 corn ending stocks number is 595 million bushels, the trade fears the government will come out with a bigger number than expected for corn.
For 2010-11 U.S. corn ending stocks, there are a lot of people that think the number should be as low as 500 million bushels or below. Meanwhile, the trade fears the government will not get close to that, he says.
"So,  you see profit-taking today. Then, after this morning's good wheat export numbers sparked profit-taking, it fell, pulling corn with it."



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