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Mid-session prices remain mixed

02/04/2011 @ 11:33am

CHICAGO, Illinois (Agriculture.com)--At mid-session, the CME Group grain markets remain in a choppy trade mode Friday.

At mid-session, the March corn futures are 3 3/4 cents higher at $6.66 1/4. The March soybean contract is 4 1/4 cents lower at $14.31 1/4.  The March wheat futures is 4 1/4 cents lower at $8.54 3/4. March soybean meal futures are $1.70 lower per short ton at $384.70. The March soyoil futures are $0.26 lower at $58.52.

In the outside markets, the NYMEX crude oil is $1.86 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 12 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the two-sided trading prevails Friday. "Corn and beans saw two-sided trade early as more profit-taking set in after the contract highs Wednesday and ahead of the weekend. But, there's buying under the market in anticipation of bullish news next week. One, the coldest temperatures of the year enter mid-week and that means more soymeal and corn needed for cattle feed to keep their weights up. Two, traders fear a bullish crop report by the U.S.D.A. next Wednesday. This will keep breaks to a minimum."

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