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Soybeans end in the clouds

Jeff Caldwell 08/29/2011 @ 2:41pm Multimedia Editor for Agriculture.com and Successful Farming magazine.

Soybeans led a big-time charge toward the closing bell in Chicago today, posting double-digit gains on an otherwise mixed CME Group trading session Monday.

At the close, nearby soybeans were 23 1/4 cents higher at $14.38 per bushel, while nearby corn futures were 3 3/4 cents higher at $7.56 1/4, according to Barchart.com. Nearby wheat was 5 cents lower at $7.57 1/4 per bushel.

The big day for soybeans is mainly because of growing concerns about the toll hot, dry weather has taken on the crop, according to a Dow Jones Newswires report. Add to that an injection of funds from outside investors as crop threats grow, as well as "higher crude oil and gold futures and solid gains in equities," and that's a recipe for sharply higher soybeans, reports indicate.

Meanwhile, corn struggled to capitalize on late-week strength last week as more in that marketplace turn attention to the balancing act between keeping up demand without undervaluing a crop that's in tight supply and getting tighter as crop conditions continue to slip.

"Harvest ticking now, exports suck and new limit rules for paper corn," says Marketing Talk veteran contributor rightone. "The 3rd shoe is if crude now drops another $10 to $15. This deal is ripe for a $1/bushel sharp down on paper corn. Should start next week."

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