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USDA positioning sends grains higher

01/08/2013 @ 3:17pm

US corn futures settled higher Tuesday on pre-crop report positioning. Futures drew support from traders shedding risk before Friday's closely watched USDA crop reports. Short covering and bargain hunting buying fueled the advances in light volume trade for most of the day, analysts say. CBOT March corn settled up 3 1/4c at $6.88 3/4/bushel; March soybeans finished down 2c at $13.86 1/2; and March wheat ended down 3/4c at $7.50 1/2.



US grain and soybean futures end mixed, with traders focusing on pre crop report positioning. Futures regained some ground after tumbling in recent weeks, as traders shed risk before Friday's closely watched USDA crop reports. Short covering and bargain hunting buying fueled the advances in light volume trade for most of the day, analysts say. With futures yet to settle, CBOT March corn is up 3 1/2c at $6.89/bushel, March soybeans are down 1 3/4c at $13.86 3/4, and March wheat is unchanged at $7.51 1/4.


(andrew.johnsonjr@dowjones.com)
(END) Dow Jones Newswires
January 08, 2013 15:34 ET (20:34 GMT)


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