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Profit-taking stalls corn rally

11/05/2010 @ 11:02am

At mid-session, profit-taking keeps CME Group corn prices in negative territory, soybeans remain on solid ground Friday. 

The Dec corn futures are 1 3/4 cents lower at $5.88 1/4. The Jan. soybean contract is 7 3/4 cents higher at $12.82 3/4. The Dec. wheat futures are 6 1/2 cents higher at $7.2012 1/4.  The Dec. soymeal futures contract is unchanged at $348.20 per short ton. The Dec. soyoil futures contract is $0.72 higher at $51.97.

In the outside markets, the NYMEX crude oil is $0.11 per barrel higher, the dollar is higher, and the Dow Jones Industrials are down 16 points.

Tim Hannagan, PFGBest.com grain analyst, says traders are cautious ahead of next week's USDA Crop Production and Supply/Demand Reports.

"There is some profit-taking, but not everybody wants to sell ahead of the Tuesday USDA Report," Hannagan says. The market is also being held back a bit from yesterday's market being overbought, as funds sank their teeth into all commodities."

He adds, "Tuesday's report is believed to be bullish for corn, friendly for soybeans and neutral for wheat. If there is a surpise, it would come in the form of a bearish corn production number. Also, because everyone is coming into Tuesday's report fat with profits, the market will get sold-off as the day goes on."

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