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Wheat closes down 'the limit'

Updated: 08/06/2010 @ 1:52pm

DES MOINES, Iowa (Agriculture.com)--After a week of surging higher, the CME Group wheat market falls to its daily trading low Friday.

The Dec corn futures settled 2 cents higher at $4.20. The Nov. soybean contract closed 4 1/2 cents higher at $10.33 1/2. The Sep. wheat futures ended down the daily 'limit' of 60 cents at $7.25 3/4. Dec. soymeal settled $0.50 per short ton higher at $295.90. The Dec. soyoil closed 12 points higher at $42.12.

In the outside markets, the NYMEX crude oil is $1.32 per barrel lower, the dollar is lower, and the Dow Jones Industrials are down 119 points.

After screaming higher most of the week, Friday is a day to take some profits, square up positions ahead of the weekend, and as a result the markets are weaker. Plus, you have to feed a bullish market each day. Other than pre-report crop estimates flowing out, which most are bearish, there isn't much fresh, bullish news.

Tim Hannagan, PFGBest.com senior analyst, says end-of-the-week profit-taking in wheat has us down the 60 cent limit. 

"Corn and beans are off only marginally, as corn and beans see the hottest and driest 7 day weather period ahead, next week. Additionaly, traders looking ahead to next week expect a potentially bullish USDA crop report Thursday."  

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