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Soybeans close sharply lower

Updated: 06/13/2012 @ 1:49pm

DES MOINES, Iowa (Agriculture.com)--Profit-taking and improved rain chances settled the CME Group soybean market sharply lower Wednesday. Meanwhile, the corn and wheat contracts ended mixed.

The July corn futures settled 7 3/4 cents higher at $5.91 3/4, while the Dec. contract closed 12 cents lower at $5.10 3/4. The July soybean contract finished 27 1/2 cents lower $14.07 1/2, while the Nov. 2012 contract settled 16 cents lower at $13.21. The July wheat futures ended unchanged at $6.16. July soyoil futures settled $0.62 lower at $49.10. The July soymeal futures finished $11.00 lower at $422.00. 
In the outside markets, the NYMEX crude oil is $0.41 per barrel lower, the dollar is lower and the Dow Jones Industrials are 49 points lower.

Bryan Doherty, Stewart-Peterson Inc. grain analyst, says spec-selling and rain talk seem to be ruling the grain markets today. "I'm stumped why the soybeans are taking it on the chin so much today. The rain talk is out there. But, a lot of these rain events haven't materialized in the Midwest," Doherty says. 

There is talk that speculators are heading to the sidelines ahead of this weekend's vote in Greece, he says. "Also, we are seeing a reversal in the wheat/corn spreads, with people buying wheat, selling corn. Old-crop corn is supported by a lack of farmer-selling."

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