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Soybeans, corn closed down

Updated: 03/13/2013 @ 2:52pm

A weak CME Group soybean market kept gains limited for corn and wheat Wednesday. 

At the close, the May futures corn contract finished 4 cents lower at $7.10. The May soybean futures contract settled 21 cents lower at $14.47. May wheat futures ended 6 cents higher at $7.10 per bushel.

The May soyoil futures contract settled $0.46 lower at $49.52. The May soymeal futures closed $7.30 per short ton lower at $428.90. 

In the outside markets, the NYMEX crude oil is $0.47 per barrel lower, the dollar is higher and the Dow Jones Industrials are 9 points higher.

Tim Hannagan, Alpari (U.S.) senior grain analyst, says that the soybean market pushed corn lower. "Lower cash prices in Brazil and the US have futures on the defensive. There's been good delivery of beans against the expiring March futures, Thursday. This and talk of 7 million metric tons of beans to be shipped out of Brazil in March all pushed prices lower, with corn lower in sympathy. Wheat strength comes on expectation of bullish numbers on Thursday's weekly export sales report," Hannagan says.

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