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Grains look for a higher start Wednesday

Jeff Caldwell 12/05/2012 @ 6:22am Multimedia Editor for Agriculture.com and Successful Farming magazine.

The seesaw is expected to turn back the other day Wednesday, with higher prices -- fueled by concerns about the world's wheat crop conditions and new grain demand talk -- expected at least to start the session.

Early calls are 2-4 higher for corn, 7-10 higher for soybeans and 2-4 higher for wheat. At 5:47 AM CST Wednesday morning, the March corn futures contract was 2 3/4 cents higher at $7.54 3/4 per bushel, January soybeans were 8 3/4 higher at $14.64 1/4 and March wheat was 2 1/4 higher at $8.58 3/4.

The higher trade reflects renewed anxiety about soybean planting delays in Argentina, as well as deteriorating wheat conditions around the world, mostly in Australia, reports show. Traders in other parts of the world -- in southeast Asia, for example -- expect wheat futures to move beyond the $8.90 level by the end of this month, settling into a price range just above $9.00/bushel through 2013.

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