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Grains close mixed

02/08/2012 @ 9:37am

DES MOINES, Iowa (Agriculture.com)--Positioning ahead of Thursday's USDA Reports kept the CME Group corn, soybean and wheat markets subdued today.

The March corn futures settled 1/4 of a cent higher at $6.42 1/2. The March soybean contract closed 1/2 of a cent lower at $12.31 1/2. The March wheat futures settled 1 1/2 cents lower at $6.60 3/4.  The March soymeal futures ended $3.70 per short ton lower at $321.70. The March soyoil futures settled $0.41 higher at $52.58.
In the outside markets, the NYMEX crude oil is $0.60 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 5 points.

Jack Scoville, PRICE Futures Group vice president, says, today's market was a lot about the dollar, which traded both sides of unchanged and seemed to give the same type of trade to the grains.  "I don’t have the impression that people are looking for bearish reports tomorrow," Scoville says. Rather, they seem scared of bullish reports.  But almost all the action I had was tied to getting covered before it  (USDA Report) one way or another, with the overall price direction mostly trading with the dollar as much as anything else."


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