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Grain prices close mostly higher

Updated: 11/03/2010 @ 2:29pm

CHICAGO, Illinois (Agriculture.com)--After a choppy day of trading, the CME Group grain markets settle mostly higher Wednesday.

The Dec corn futures settled 5 1/4 cents higher at $5.81. The Jan. soybean contract closed 3 1/2 cents higher at $12.37 1/2. The Dec. wheat futures closed 4 cents lower at $6.90 3/4.  The Dec. soymeal futures contract closed $1.20 higher at $338.90 per short ton. The Dec. soyoil futures contract settled $0.27 higher at $49.90.

In the outside markets, the NYMEX crude oil is $0.90 per barrel higher, the dollar is lower, and the Dow Jones Industrials are down 16 points.

The markets are awaiting the November 9, 2010 USDA Crop Report, traders say. There is consolidation occurring in the soybean market. The corn market wants to see the actual yield reduction numbers that have been so widely talked about.

Jack Scoville, PRICE Futures Group vice-president, says it seems like someone came in and decided to sell the markets in a big way before the fed announcement today. "Once the selling got done, the market rebounded. Mostly, the markets are recovered, as I am sure that many people felt that the corn was providing a buying chance with that break down. They might be right."

Scoville add, "The markets are very quiet today, in general, with little interest in front of the fed announcements today.  I am sure traders are trying to decide if the election results were good for the economy or not. Also, cash markets seem quiet here and in Brazil, for now."

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