DTN Closing Grain Comments 12/08 13:50
Soybeans, Soy Meal Explode Again on New Sales, Argentine Weather Woes
Soybean meal took a brief pause in the bull move before recovering to finish
sharply higher for the seventh consecutive day, setting another new contract
high in the process. That dragged soybean futures up to the highest level since
September, along with a new combined soy sale of 30.7 mb to China and unknown.
Corn was along for only a bit of the ride, despite expectations for Friday's
WASDE to show increased ending stocks. Wheat finished mixed in two-sided trade.
Senior Market Analyst
March corn closed up 1 1/4 cents and July corn was up 1 cents. January
soybeans closed up 14 1/4 cents and July soybeans were up 9 3/4 cents. March KC
wheat closed down 4 cents, March Chicago wheat was down 3 1/4 cents and March
Minneapolis wheat was up 9 1/2 cents. The December U.S. Dollar Index is trading
down 0.27 at 104.79. The Dow Jones Industrial Average is up 117.54 points at
33,715.46. December gold is up $3.00 at $1,801.0, December silver is up $0.32
at $23.25 and December copper is up $0.0230. December crude oil is down $0.46
at $71.55, December ultra-low sulfur diesel is up $0.0995, December RBOB
gasoline is down $0.0229 and December natural gas is up $0.248.
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