December corn closed sharply higher on the session and closed near the highs posting new contract highs for the second day in a row, the CME Group said in its Tuesday afternoon report. Wet weather moving into northern Illinois after hitting dry areas of Iowa/Minnesota overnight may have tempered the buying early.
November soybeans closed sharply higher on the session and pushed to as high as 1400 before closing near the highs. This is up as much as $1.18 in just 11 trading days. A positive tilt to outside markets and news of deteriorating crop conditions helped support the higher opening but better than expected rains for southern Minnesota and northern Iowa overnight helped spark a quick sell-off to near unchanged on the day early, the CME said.
As seen on marketwatchonline.com
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