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Grains weaker to start Wednesday

Jeff Caldwell 08/03/2011 @ 8:22am Multimedia Editor for Agriculture.com and Successful Farming magazine.

After Tuesday's "rocket shot" of a session that sent nearby corn futures to the daily trading limit, Wednesday's expected to open with a slightly lower tone.

Early calls for Wednesday's trade are corn unchanged to slightly lower, soybeans 3-5 cents lower and wheat 5-10 lower, according to ag market analyst and ICAP Energy derivitaves manager in Chicago, Scott Shellady.

"Overnight we digested the FC Stone numbers as well as others that continue to take the bushel guesstimates lower," Shellady says. "Yesterday's macro meltdown will also feature heavily today as we debate our ever slowing growth, but you still have to eat."

The U.S. Dollar index is weaker and crude oil is slightly lower, both slightly bearish signals for the grains.

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