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Markets close mixed

11/29/2010 @ 9:49am

CHICAGO, Illinois (Agriculture.com)--After trading mixed all session, the CME Group grain markets settled that same way Monday. Two-sided trading did rule the trading pattern, due to a lot of outside pressure, namely the falling Dow Jones Industrials.

The March corn futures closed 1/4 of a cent higher at $5.53 1/4. The Jan. soybean contract settled 3 1/2 cents lower at $12.35. The March wheat futures ended 3 1/4 cents higher at $6.90 1/2. The Jan. soyoil futures contract finished $0.30 lower at $50.22. The Dec. soymeal futures contract settled $0.50 per short ton lower ay $338.60.

In the outside markets, the NYMEX crude oil is $1.76 per barrel higher, the dollar is higher, and the Dow Jones Industrials are down 60 points. 

Tim Hannagan, PFGBest.com senior grain analyst, says two-sided trade early comes on three different issues pulling and tugging at the markets. "Pulling us up is a strong move higher in crude oil, up over a dollar, putting a floor under ethanol-based corn and bio-fuel based soyoil. Another issue is a 6 to 10 day weather update of generally drier conditions in South American grain fields. 

Hannagan add, "The negative side to grain prices is a weak stock market and soaring higher dollar today that is capping gains."


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