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CME Group corn, soy, wheat markets close sharply higher

Updated: 07/14/2010 @ 2:03pm

CHICAGO, Illinois (Agriculture.com)--CME Group grain markets held on to a strong rally to close higher Wednesday.

The Dec corn futures closed 9 1/4 cents higher at $3.96 1/4. The Nov. soybean contract finished 7 1/2 cents higher at $9.62. The Sep. wheat futures settled 9 3/4 cents higher at $5.59. Dec. soybean meal futures are $2.70 higher at $279.60 per short ton. Dec. soyoil futures are trading 9 points higher at 38.90.

In the outside markets, the NYMEX crude oil is $0.21 lower per barrel, the dollar is lower, and the Dow Jones Industrials are down 13 points.

Joe Bedore, FC Stone's floor manager, says the markets are underpinned by the talk of hot/dry weather next week. "We're still in Chicago. This week, we're supposed to see four days of 90-plus weather. Last year, we saw one day in a few months. So, the mentality is buy and if not buy certainly don't sell."

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