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Grain prices jump Tuesday

Nov. 27, 2012 at 6:13 PM

CHICAGO, Nov. 27 (UPI) -- Grain futures prices closed higher on the Chicago Board of Trade Tuesday as estimates of the condition of the winter wheat crop continue to drop.

Corn was up 12 1/4 to up 12 3/4, soybeans were up 22 to up 25 1/4, wheat was up 23 1/4 to up 24 3/4 and oats were up 4 1/4 to up 6.

Farmers reported winter wheat was in good or excellent shape in 33 percent of the acres planted, the lowest rating on record for late November.

Corn prices rose in sympathy with wheat and with support from lower yield estimates in Argentina. Wheat prices shot higher on the U.S. Department of Agriculture report. Soybeans also moved higher, as it overlaps with corn and wheat in product categories -- as a component in human foods and animal feed.

The prices:

Corn: Dec 7.60 up 12 3/4, Mar 7.64 up 12 3/4, May 7.61 1/2 up 12 3/4, Jly 7.52 1/2 up 12 1/4.

Soybeans: Jan 14.49 1/4 up 24 1/2, Mar 14.37 1/2 up 25 1/4, May 14.14 1/4 up 22, Jly 14.07 up 21 1/2.

Wheat: Dec 8.73 up 24, Mar 8.88 1/2 up 24 3/4, May 8.95 1/4 up 24 3/4, Jly 8.82 1/2 up 23 1/4.

Oats: Dec 3.73 up 4 1/4, Mar 3.89 1/2 up 4 1/4, May 3.92 1/4 up 4 3/4 Jly 3.944 1/4 up 6.

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