Corn, soybeans rise on hints of strong demand

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Associated Press

Posted on January 7, 2013 at 4:02 PM

Updated Monday, Jan 7 at 4:03 PM

Corn prices are ending higher as traders hope for a bounce in export demand. Wheat and soybean futures also rose.

Corn for March delivery rose 5.25 cents to settle at $6.8550 a bushel Monday.

Brandon Marshall, a commodity adviser with Northstar Commodity in Minneapolis, said traders were encouraged to pick up more corn contracts after the Department of Agriculture disclosed an unusually large order for the grain. The buyer and destination of the corn won't be disclosed until Thursday.

Soybeans for March delivery rose 21.25 cents to settle at $13.8850 a bushel. Soybeans have been mostly falling since mid-December, when they went as high as $15 a bushel.

In other commodities trading, energy futures were mostly higher and metals prices were mixed.

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