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Grains look to start lower Wednesday

Jeff Caldwell 12/21/2011 @ 7:47am Multimedia Editor for Agriculture.com and Successful Farming magazine.

After 2 days of higher trading, corn, soybean and wheat futures look to start Wednesday's session on the lower side after a bearish overnight trade.

Early calls for the grains are corn 2-4 lower, soybeans 5-7 lower and wheat 4-6 lower, according to private sources.

In overnight trading, March corn slipped 3 3/4 cents to $6.03 1/4 per bushel, while March wheat was 4 1/2 lower at $6.03 1/4, according to Barchart.com. January soybeans fell 3 3/4 cents to $11.38 per bushel.

Despite the lower overnight trade and expected open Wednesday, traders say the slide will likely be short-lived, with continued bullish outside and fundamental factors. "Price action over the past couple of days tells me there is no real interest in bringing the price down significantly," says Agriculture.com Marketing Talk senior contributor NCcorntrader. "Likely going to hold overnight and look for continued buying interest through [Wednesday]."

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Just me or are we in a drought 12/21/2011 @ 8:39am I posted this a few weeks back, but just thought I would ask, is anyone else concerned about our moisture levels?

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