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Soybeans end sharply higher

Updated: 12/15/2011 @ 2:01pm

DES MOINES, Iowa (Agriculture.com)--Outside market support kept wheat and corn from steeper losses, while soybean prices used crop-weather problems in South America to close higher Thursday. 

March corn futures settled 1 3/4 cents lower at $5.79. The Jan. soybean contract finished 11 3/4 cents higher at $11.11 3/4. The March wheat futures ended 1 1/2 cents lower at $5.79 1/4. The January soymeal futures contract settled $0.70 per short ton higher at $283.90. The January soyoil futures ended $0.58 higher at $48.98.

In the outside markets, the NYMEX crude oil is $0.58 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 61 points.

Outside markets didn’t recover today as much as expected, after yesterday's huge collapse, according to Tim Hannagan, PFGBest.com senior grain analyst. 

"This leaves grains to find support off talk of dry conditions in South America. Argentina grain bureau said today they have been overly dry for the last month and there's no rain in site, lending to talk of lower production on early planted corn and beans."

China was active on today's weekly export sales report, in buying corn for the second consecutive week and beans as well. 

"This could be their fearing of a continuation of the drought and traders see them potentially overbooking U.S. crops as an import hedge." 

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