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Wheat Closes 6¢ Higher Tuesday

Soybeans, corn also end higher.

DES MOINES, Iowa -- On Tuesday, the CME Group’s markets remain mostly higher.

At the close, the March corn futures settled 2½¢ higher at $3.53. May futures finished 2¼¢ higher at $3.61.

March soybean futures closed 3¢ higher at $9.64¾. May soybean futures finished 3¢ higher at $9.75¾.

March wheat futures closed 6½¢ higher at $4.33½.

March soy meal futures are $1.10 per short ton higher at $317.90. January soy oil futures are 0.29¢ higher at 33.55¢ per pound. 

In the outside markets, the NYMEX crude oil market is $0.05 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 60 points higher.

Dustin Johnson, AgYield senior grain dtrategist, says that the outside investors are in a selling mood.

“Funds have been selling beans for a few weeks now, and during most of that time it was coming later in the day. My guess is that is what happened this morning. Retail investors were buying out of the gate, on Argentina’s dryness concerns, and funds used it as a selling opportunity. Wheat is stronger under perceived threat of winter-kill, and the corn-wheat spreads are probably keeping corn in the green as a result,” Johnson says.

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