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Traders trim early gains, even positions

Jeff Caldwell 07/13/2012 @ 10:38am Multimedia Editor for Agriculture.com and Successful Farming magazine.

Early gains have been trimmed as traders look to even positions heading into the weekend.

Nearby corn futures are trading 3 1/4 higher at $7.35 1/2, while nearby soybeans are 17 1/2 higher at $15.46 1/2 and wheat is 3 higher at $8.49 3/4.

Despite the turn lower in mid-session trading Friday, there's little reason to believe the bulls are out of the market. In fact, Agriculture.com Market Analyst and floor trader Scott Shellady says the market is starting to characterize this year's drought among the worst to hit the Corn Belt.

"Here comes the heat and I am now finally starting to hear some very seasoned traders say that this could actually be the one we talk about for the next 20 years similarly to 1988," Shellady said Friday.

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