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Wheat, corn close stronger

Updated: 03/11/2014 @ 2:25pm

DES MOINES, Iowa ()Agriculture.com--After starting mixed, the CME Group farm markets closed higher Tuesday.

The May corn futures contract closed 5 cents higher at $4.83. The May soybean futures contract closed 5 3/4 cents lower at $14.13. May wheat futures finished 18 1/4 cents higher at $6.59 per bushel. The May soymeal futures contract settled $0.50 per short ton lower at $444.20. The May soyoil futures closed $0.11 lower at $43.75. In the outside markets, the ICE Brent crude oil is $0.20 per barrel higher, the dollar is higher and the Dow Jones Industrials are 76 points lower.

Jack Scoville, PRICE Futures Group vice president, says wheat is the leader today, corn and soybeans are coming along for the ride.

"Plus, stocks are tight and basis is holding very high.  There has been some buying associated with ideas that USDA will show tight supplies tomorrow.  Farmers sold last week but do not seem to be selling this week.  Not hearing of any new demand out there, in fact it seems we bring corn in from Argentina, or will be soon. So, I think it is just some buying up front for the report and in sympathy with wheat," Scoville says.

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