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Wheat, soybeans end sharply higher

Updated: 11/08/2011 @ 2:19pm

DES MOINES, Iowa (Agriculture.com)--A day before the USDA's November Crop Production and Supply/Demand Reports, the CME Group corn, soybean and wheat markets rally Tuesday.

The Dec. corn futures settled 7 1/4 cents higher at $6.60 1/2. The Jan. soybean contract closed 3 1/4 cents higher at $12.05. The Dec. wheat futures closed 18 1/4 cents higher at $6.57. The Dec. soymeal futures ended $1.70 per short ton lower at $307.60. The Dec. soyoil futures closed $0.65 higher at $51.85. 

In the outside markets, the NYMEX crude oil is $1.24 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 63 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the day prior to a crop report shows that commodity markets sometimes take on their own thoughts and ignore outside markets. 

"Traders are looking for a bullish corn report, by way of lower production. So, they are buying. Traders look for a neutral-to-negative bean report, but beans are seeing short-covering after beans yesterday hit their lowest price since Oct.11. And, the traders won't risk a surprise on the report. It's all about positioning for the report today," Hannagan says. 

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