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Corn, soybeans close lower

Updated: 02/22/2013 @ 2:35pm

DES MOINES, Iowa (Agriculture.com)--After trading higher on fresh demand news early, the CME Group soybean market finished lower and pulled corn and wheat down with it Friday.

China purchased ore 400,000 tons of U.S. soybeans in a one-time purchase Friday, according to the USDA.

The March futures corn contract settled 1 cent lower at $6.90. The March soybean futures contract finished 28 cents lower at $14.59.  March wheat futures finished 6 cents lower at $7.15 per bushel. The March soyoil futures contract ended $0.96 lower at $50.35. The March soymeal futures settled $10.40 per short ton lower at $426.90. 

In the outside markets, the NYMEX crude oil is $0.32 per barrel higher, the dollar is higher and the Dow Jones Industrials are 88 points higher.

Tim Hannagan, Alpari (U.S.) LLC senior grain analyst, says profit-taking trumped fundamental news.

"After posting 25 cent gains on beans in early trade, with news Brazilian dock workers are on a 6 hour strike, we're seeing some profit taking ahead of the weekend," Hannagan says.

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02/22/2013 @ 2:50pm Another crappy Friday,I wish you guys would get it together.

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