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Soybeans end strong

10/16/2013 @ 8:54am

DES MOINES, Iowa (Agriculture.com)--On Wednesday, demand and short-covering pushed the CME Group soybeans to a higher close.

The Dec. corn futures contract settled 3/4 of a cent lower at $4.42. The Nov. soybean futures contract settled 9 1/2 cents higher at $12.76. Dec. wheat futures closed 4 cents lower at $6.81 per bushel. The Dec. soymeal futures contract ended  $1.40 per short ton higher at $403.80. The Dec. soyoil futures closed $0.71 higher at $41.37. 

In the outside markets, the NYMEX crude oil is $0.44 per barrel higher, the dollar is lower and the Dow Jones Industrials are 161 points higher.

Tim Hannagan, Walsh Trading Inc. grain analyst, says that without USDA numbers to guide the market, charts are the rule. 

"Soybeans saw short covering off the Nov. $12.60 support area. Meanwhile, the $12.79 high held onto the upside for the third consecutive day. Until the USDA gives numbers to trend off of, beans will sell rallies off good harvest yields and buy breaks off rumors of strong  demand," Hannagan says.

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