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Soybean Market Closes Higher

Updated: 03/25/2014 @ 2:27pm

DES MOINES, Iowa (Agriculture.com)--China canceled another shipment of U.S. corn, sending that commodity to a lower close. The CME Group soybeans closed higher, after trading both sides of zero.

The May corn futures contract settled 3 1/2 cents lower at $4.86. The Dec. corn futures finished 1 1/2 cents lower at $4.86. The May soybean futures contract closed 2 1/2 cents higher at $14.28. November soybean futures ended 4 3/4 cents higher at $11.88. May wheat futures settled 6 1/4 cents lower at $7.08 per bushel. The May soymeal futures contract closed $1.70 per short ton higher at $463.70. The May soyoil futures finished $0.10 lower at $40.74.

In the outside markets, the NYMEX crude oil is $0.19 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 103 points higher.

Tim Hannagan, Walsh Trading Inc., says export news is messing with the corn market. "Corn is trading export news. Yesterday, Egypt bought 340,000 metric tons of U.S. corn, and we rallied. Today, China rejected a shipment containing unauthorized biogentic corn. So, we're down," he says.

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