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Grain prices close sharply lower

Updated: 09/28/2010 @ 4:23pm

CHICAGO, Illinois (Agriculture.com)--It was a tattered Tuesday for the CME Group grain markets, all closing sharply lower.

The Dec corn futures settled 12 3/4 cents lower at $5.00. The Nov. soybean contract finished 18 1/2  cents lower at $11.10. The Dec. wheat futures closed 21 3/4 cents lower at $6.84 3/4.  The Dec. soyoil futures finished 4 points lower at $44.93. The Dec. soymeal futures contract settled $7.20 lower at $308.50 per short ton.

In the outside markets, the NYMEX crude oil is $0.44 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 6 points.

Jack Scoville, PRICE Futures Group vice-president, says selling is coming despite the slight drop in condition ratings as harvest progress seems to be the key. 

"Weather is good and the harvest should move quickly.  I saw some initial cutting of corn and soybeans over the weekend in Wisconsin, and this will spread.  No real demand news except for the Egypt business.  Also, it's starting to rain in Brazil.  Not sure why SBO is so strong but world vegoils prices seem strong this morning.  Wheat down with weaker world market prices.  Overall quiet day for me so far.  Dollar has turned lower now which could support things here, but overall it looks like the market  wants to work lower today."

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