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Grains end mostly lower

Updated: 10/12/2011 @ 2:48pm

DES MOINES, Iowa (Agriculture.com)--Despite friendly USDA data, the CME Group  farm futures closed mostly lower Wednesday.

The Dec. corn futures settled 4 1/4 cents lower at $6.40 3/4. The Nov. soybean contract closed 4 cents higher at $12.39 1/2. The Dec. wheat futures ended 34 cents lower at $6.26 3/4. The Dec. soymeal futures finished $2.10 per short ton higher at $322.70. The Dec. soyoil futures closed $0.32 lower at $51.86.

In the outside markets, the NYMEX crude oil is $0.41 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 159 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the market reacted based upon how traders tend to trade government reports and big information days like Wednesday.

"Well, it's always buy the rumor sell the fact. So, 9 out of 10 bullish reports are sold on a higher opening, as they have priced in the report prior, like they did with the Monday and Tuesday big rallies ahead of today. But, it's not how you open but how you close that tells you the near term trend," Hannagan says. 

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