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Grain prices rally ahead of February crop report

Associated Press

Posted on February 8, 2010 at 1:01 PM

NEW YORK (AP) — Grain prices are rising, a day ahead of a key crop report from the Department of Agriculture.

John Sanow, an analyst with Telvent DTN in Omaha, Neb. says most of the gains in wheat, soybeans and corn came from short-covering. Short sales occur when a trader bets an investment will drop in price.

If many short-sellers buy back contracts at the same time, prices rise, as they did Monday. Sanow said short-sellers were happy to cash in their profits in case there was a surprise in this month's crop report.

Wheat for March delivery rose 10.75 cents, or 2.3 percent, to settle at $4.84 a bushel. Soybeans rose 16 cents to $9.295 a bushel, while corn rose 4.5 cents to $3.56 a bushel.

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