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Grains hit wall of 'bears'

Updated: 10/25/2011 @ 2:07pm

DES MOINES, Iowa (Agriculture.com)--After the CME Group corn, soybeans, and wheat market hit a wall of bearishness news, the markets ended weaker Tuesday.

The Dec. corn futures ended 1/4 of a cent lower at $6.50 3/4. The Jan. soybean contract settled 1 1/2 cents lower at $12.33 3/4. The Dec. wheat futures closed 6 1/4 cents lower at $6.36 1/4. The Dec. soymeal futures closed $0.70 per short ton higher at $322.20. The Dec. soyoil futures closed $0.29 lower at $51.50. 

In the outside markets, the NYMEX crude oil is $2.12 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 143 points.

A lack of committment on buyers or sellers had the farm markets trading both sides today, analysts say. The dollar firmed and Europe's finance ministers canceled a Wednesday meeting that was considered to have put to rest worries about the debt crisis. Both of those factors weighed on equities and the corn, soybean, and wheat markets. Plus, funds were taking profits, with the month-end approaching.

Tim Hannagan, PFGBest.com senior grain analyst, says today's market acted much like yesterday's. "It's like yesterday, where we open higher then the funds take profits. Then the market rallies back and the funds take profits again. No rally or break follow-through, as they await the Wednesday talk on the foreign debt. But this is end-of-month for funds. So, it's take profits and pay bonuses, especially off rallies," Hannagan says.

In addition, U.S. consumer confidence has fallen to 2 1/2 year lows and has taken Tuesday's stock market with it.

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