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Mostly higher close

07/19/2011 @ 9:37am

CHICAGO, Illinois (Agriculture.com)--With weather concerns and favorable outside market influence, the CME Group grain prices closed higher, soybeans and soybeans lower Tuesday.

The Dec. corn futures settled 10 1/4 cents higher at $6.87 1/4. The Nov. soybean contract closed 4 1/4 cents lower at $13.82. The Sep. wheat futures finished 4 cents lower at $6.93 1/2. The Dec. soybean meal futures contract closed $0.40 per short ton higher at $365.00 and Dec. soyoil futures settled $0.25 lower at $57.57.

In the outside markets, the NYMEX crude oil is $2.07 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 202 points.

Tim Hannagan, PFGBest.com senior grain analyst, says it's a three-way horse race for the lead market factor Tuesday. 

"The traders are trading three events. One, crop conditions were lower on grains for Monday's crop progress report. Two,weather remains hot and dry this week and three, outside markets are supportive. Crude oil is up pulling corn-based ethanol along and the dollar is down making grains more affordable to importers. But it's all about the next forecast," Hannagan says.


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