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Grain markets rally

Updated: 07/26/2011 @ 2:37pm

CHICAGO, Illinois (Agriculture.com)--After showing signs of weakness early, the CME Group grain and soybean markets embraced bullish demand and weaker crop ratings to close sharply higher Tuesday.

The Dec. corn futures settled 12 1/4 cents higher at $6.86 3/4. The Nov. soybean contract ended 16 3/4 cents higher at $13.88 3/4. The Sep. wheat futures closed 5 1/2 cents higher at $6.94. The Dec. soybean meal futures contract ended $6.20 per short ton higher at $369.30 and Dec. soyoil futures are trading $0.52 higher at $57.47.

In the outside markets, the NYMEX crude oil is $0.30 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 63 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the markets are reacting to the latest USDA Crop Progress Report that indicates weakening conditions. "We're seeing upside follow thru from last night's bullish crop condition reports for corn and beans. But, gains are limited, as traders see potential for rain again this weekend." 

In traders' minds are thoughts the USDA yield estimates are going lower for the August 11 crop report, he says. "And this will limit any corrections as well."


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