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Corn, wheat sharply higher on CBOT

July 12, 2012 at 6:27 PM

CHICAGO, July 12 (UPI) -- Corn futures closed sharply higher Thursday, snapping a two-day losing streak on the Chicago Board of Trade, as drought concerns came back into play.

Corn was up 20 1/2 to up 28 1/4, soybeans were up 1 to up 6 1/2, wheat was up 19 to up 25 and oats were up 5 3/4 to up 6 1/4.

Rain may be headed to Iowa but high temperatures are setting the stage for poor corn pollination, analysts said. Wheat was higher on global concerns and talk of higher feed demand for livestock. Soybeans followed corn and wheat higher on a quiet trading day.

The prices:

Corn: Jly 7.71 1/4 up 20 1/2, Sep 7.31 1/4 up 27 1/4, Dec 732 1/4 up 28 1/4, Mar 7.34 1/2 up 26 1/4.

Soybeans: Jly 16.25 3/4 up 2 3/4, Aug 15,72 1/2 up 1, Sep 14.45 1/2 up 4 3/4, Nov 15.29 up 6 1/2.

Wheat: Jly 8.32 3/6 up 25, Sep 8.46 3/4 up 20 1/2, Dec 8.59 3/4 up 21 1/2, Mar 8.69 up 22 1/2.

Oats: 3.67 3/4 up 6 1/4, Sep 3.70 1/2 up 6 1/4, Dec 3.72 up 5 3/4, Mar 3.76 1/4 up 5 3/4.

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