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Higher close for the grain markets

09/13/2010 @ 9:38am

CHICAGO, Illinois (Agriculture.com)--Just as they traded all session, the CME Group grain markets settled higher Monday.

The Dec corn futures settled 5 1/4 cents higher at $4.83 1/2. The Nov. soybean contract closed 3 1/2 cents higher at $10.34 1/2. The Dec. wheat futures closed 8 1/4 cents higher at $7.45.  The Dec. soyoil futures settled 5 points higher at $41.81. The Dec. soymeal futures settled $0.20 lower at $293.50 per short ton.

In the outside markets, the NYMEX crude oil is $0.57 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 55 points.

Jack Scoville,  PRICE Futures vice-president, says a surge in values early has found some farm selling near the highs.  

"Yield reports are still coming in mixed-to-bad, supporting futures.  I also hear that corn Gulf basis is up hard, but I don’t know why.  Overall, a pretty slow start to the week and the market not acting super after the initial rally.  The market acts tired, so some more selling could develop.  Big demand for corn at the Gulf should keep corn supported against wheat and beans which seem quiet."

Scoville adds, "I have heard mixed yields, over the weekend, but some other guys here that I talk to are still talking about disappointing yields for corn. Not hearing many bean yields yet."

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