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Grains ride weather, USDA higher

Jeff Caldwell 07/11/2012 @ 8:22am Multimedia Editor for Agriculture.com and Successful Farming magazine.

Reports that were generally thought to be bullish corn and neutral wheat and soybeans have ushered in higher prices in all 3 pits as many trader and analysts say the focus has returned to Mother Nature.

In early trading, July corn is 16 1/2 cents higher at $7.77 1/2 per bushel, while the September contract is 19 cents higher at $7.37 1/2 and the December contract, also 19 cents higher, is at $7.36 1/2.

July soybeans are trading 22 3/4 cents higher at $16.71 1/2 per bushel, while the August contract is 29 1/4 cents higher at $16.19 3/4 and the September contract is $32 3/4 higher at $15.90 1/2.

Wheat's following the leader, almost mirroring corn's gains; July wheat was 12 1/2 cents higher at $8.17 1/4, while the September contract is 17 1/2 higher at $8.38 1/2 and the December contract is 16 1/2 higher at $8.51 3/4.

The grains' gains come on the heels of USDA's monthly WASDE and Crop Production reports Wednesday morning that slashed projected corn yields, but also trimmed export and feed usage. Though the numbers were seen as bullish only corn and more neutral for soybeans and wheat, analysts and traders say the trade's focus will quickly return to the drought in the nation's midsection and South.

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