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Grains set to open mixed to lower

Jeff Caldwell 08/02/2011 @ 8:23am Multimedia Editor for Agriculture.com and Successful Farming magazine.

After a higher day Monday, Tuesday looks to see some correction in the corn, soybean and wheat pits in Chicago, analysts say.

Early calls for the commodities are corn 2-3 cents lower, soybeans unchanged to 2 cents lower and wheat 1-2 cents lower, according to ag market analyst and ICAP Energy derivitaves manager in Chicago, Scott Shellady.

"Crop condition numbers last night were not shocking and if anything slightly better than expected. The world woke up from the 'post deal' euphoria and sold off hard after economic figures again confirmed that our growth is slow at best. That mood will also hang over us today as we wait for final Senate approval," Shellady said Tuesday morning. "The market seems to be trying to tell us we have a story but I think that we are going to need some hard evidence soon or we risk a sell off. The private forecasters continue to lower yields but ultimately that is the government's call."

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Scott Shellady: Options 101