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Soybeans close up 9¢

Updated: 02/06/2014 @ 5:18pm

DES MOINES, Iowa (Agriculture.com)--With China canceling a corn purchase, the market finished lower Thursday. However, soybeans closed higher on crop-weather concerns abroad. 

At the close, the March corn futures contract finished 1/4 cent lower at $4.43. The March soybean futures contract closed 9 1/2 cents higher at $13.25. March wheat futures finished 6 3/4 cents lower at $5.80 per bushel. The March soymeal futures contract closed $4.00 per short ton higher at $446.00. The March soyoil futures finished $0.43 higher at $38.66.

In the outside markets, the Brent crude oil is $0.15 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 172 points higher.

Tim Hannagan, Walsh Trading senior grain analyst, says rumors help wheat, and weather supports soybeans.

"Talk of derailing a February 8 Canadian railroad strike has wheat backing off.  If there is no strike, it would allow Canadian wheat to easily be shipped in. For soybeans, there remains concern that the heat dome in Brazil will continue past this weekend, cutting yields and production by as much as 5 mmt," Hannagan says.

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