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Wheat closes lower; corn, bean gains trimmed

Jeff Caldwell 04/13/2011 @ 3:02pm Multimedia Editor for Agriculture.com and Successful Farming magazine.

The grains pulled back from sharper gains earlier in the session to close mixed on Wednesday.

At the end of Wednesday's session, nearby corn futures were 3 cents higher at $7.55 1/2 per bushel, while nearby soybeans were 3 3/4 cents higher at $13.33 1/2. Wheat ended the day 6 3/4 cents lower.

Corn and soybeans remained on the plus side Wednesday based mostly on continued tight supply concerns for corn as well as a weather forecast that isn't the greatest for spring planting in the Corn Belt. On the other hand, wheat stumbled Wednesday because of "initial advances on improved weather outlooks for winter wheat crops and sluggish export demand," according to a Dow Jones Newswires report.

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