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China lends support to grain futures

Nov. 24, 2010 at 5:47 PM

CHICAGO, Nov. 24 (UPI) -- Grain futures closed higher Wednesday on the Chicago Board of Trade as China encouraged banks to increase lending for grain purchases.

Corn was up 10 1/4 to up 10 3/4, soybeans were up 16 to up 18 1/4, wheat was up 4 to up 5 1/2 and oats were up 1/2 to up 3/4.

Corn futures found support from China with the dollar index flat, falling 0.06 percent. Wheat futures lost ground to corn and soybeans as Tunisia rejected bids for a 25,000 metric ton tender. Beneficial rain in Argentina reportedly will encourage increased soybean planting, but concern over grain shortfalls in China pulled soybean futures higher before the Thanksgiving break.

The prices:

Corn: Dec. 5.38 3/4, up 10 1/4; Mar 5.53 3/4, up 10 3/4; May 5.61 1/2, up 10 3/4; Jul 5.65, up 10 1/2.

Soybeans: Jan 12.55, up 16; Mar 12.62 3/4, up 16 1/2; May 12.63 1/4, up 17; Jul 12.66 1/4, up 18 1/4.

Wheat: Dec 6.47 1/2, up 5 1/2; Mar 6.85 1/4, up 4 1/2; May 7.10, up 4 1/2; Jul 7.21 3/4, up 4.

Oats: Dec 3.48 1/4, up 3/4; Mar 3.60 1/2, up 1/2; May 3.65 3/4, up 1/2; Jul 3.71, up 1/2.

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