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Grains close mostly higher

12/08/2011 @ 9:38am

DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean markets closed higher Thursday.

The March corn futures settled 7 1/2 cents higher at $6.00 1/4. The Jan. soybean contract closed 1 1/2 cents higher at $11.32 1/2. The March wheat futures closed 3 1/2 cents lower at $5.97. The Jan. soymeal futures settled $0.90 per short ton lower at $284.30 and January soyoil ended $0.03 lower at $50.45.

In the outside markets, the NYMEX crude oil is $2.16 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 163 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the traders have positioned themselves ahead of Friday's Report.

"Traders that are short the market, have the profit, and therefore hold risk going into Friday's USDA Crop Report. So, you have to expect short-covering on breaks, prior the reports release. We have seen that each day now, off the early session opening lows. Traders appear now to be flat or at least positioned for its release."

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Land 12/08/2011 @ 3:09pm I hope the idiot in Iowa that paid $20,000 a acre fails badly.

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