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Grain trade finds some legs Thursday

Jeff Caldwell 10/06/2011 @ 6:57am Multimedia Editor for Agriculture.com and Successful Farming magazine.

Overnight trading found corn, soybean and wheat futures moving higher, and though some traders say the upside potential is limited, a higher start is expected for Thursday's CME Group trade.

Early calls for corn, soybeans and wheat are 5-8 cents, 12-15 cents and 8-10 cents higher, respectively, according to private sources.

As of 6:38 AM CST, the overnight trade saw nearby corn up 6 3/4 cents to $6.12 1/4 per bushel, while nearby soybeans, 11 cents higher, were at $11.74 3/4, according to Barchart.com. Nearby wheat was 9 1/4 cents higher at $6.34 1/2 per bushel.

A couple factors look to keep the grains in the black Thursday, though those factors will likely be short-lived, says grain trader and Agriculture.com Marketing Talk veteran contributor NCcorntrader.

"The upside here is limited in my opinion," he says. "The dollar has taken a breather, but will continue to strengthen based on what I am seeing out of the EU. Congress is now beating up China on their currency as well."

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