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Debt talks rally grains early

Jeff Caldwell 08/01/2011 @ 8:07am Multimedia Editor for Agriculture.com and Successful Farming magazine.

Stoked by continuing hot, dry weather in the Corn Belt and ongoing uncertainty about the national debt in Washington, D.C., the grains are expected to open Monday's trade on the high side.

Early calls for the commodities are corn 9-10 cents higher, soybeans 13-15 higher and wheat 14-17 higher, according to ag market analyst and ICAP Energy derivitaves manager in Chicago, Scott Shellady.

Nearby corn was 9 cents higher in the overnight trade, at $6.74 1/2 per bushel, according to Barchart.com. Nearby soybeans were 14 cents higher at $13.68 1/4, while nearby wheat was 12 cents higher at $6.84 1/2.

The trade will be watching closely what happens today in Washington, D.C., as lawmakers continue to work toward a resolution on the potential raising of the debt ceiling and other measures in effort to trim the national debt.

"The vote is expected to get through today but falls short of rating agency expectations. The markets have taken it as good news. I feel as thought it's more of the same," Shellady says. "The grains love the Washington news as well as a sprinkling of hot weather."

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