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Soy, wheat close higher

Updated: 08/31/2011 @ 2:25pm

DES MOINES, Iowa (Agriculture.com)--After trading mixed most of the session, the CME Group grain and soybean futures prices settled mostly higher Wednesday.

The Dec. corn futures closed 7 3/4 cents lower at $7.67 1/2. The Nov. soybean contract closed 1/2 of a cent higher at $14.57 1/2. The Dec. wheat futures closed 3/4 of a cent higher at $7.91 1/2. The Dec. soyoil futures settled $0.31 higher at $59.07. The Dec. soymeal futures finished $0.80 per short ton lower at $387.80.

In the outside markets, the NYMEX crude oil is $0.10 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 25 points.

Jack Scoville, PRICE Futures Group vice-president, says the market is experiencing long liquidation in corn and wheat. "There was some liquidation, early, in beans too but this did not last. It is a very quiet day so far with few people looking to do too much."

Wheat is lower mostly on forecasts for some showers in the southern Plains, mostly the Panhandle areas, he says.

"For corn, the market is lower because it is so much higher already." Scoville says.

Soybeans are still feeling the dry weather. "All markets are more and more concerned about demand, so upside is probably somewhat limited. But, the beans are still losing yield and this is the support.  I see little commercial action, mostly it seems specs on both sides of the trade, at least for me anyway," Scoville says.

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