DTN Closing Grain Comments 12/06 13:57
Soybean Meal Blasts to a New Contract High; Soybeans Soar Following New Sales
Soybean meal surged for the fifth straight day and closed higher for the
eighth time in the past nine days. Soybeans, on the heels of rising meal
futures, and following combined sales of 18.5 million bushels (mb) to China and
unknown, also rose to sharp gains. Wheat was once again the dog, unable to hold
early strength and again plunging to new recent lows. Corn bounced modestly
after filling an open chart gap on Monday, but failed to stay higher.
Senior Market Analyst
March corn closed down 3 1/4 cents and July corn was down 3 1/2 cents.
January soybeans closed up 17 1/4 cents and July soybeans were up 15 3/4 cents.
March KC wheat closed down 11 3/4 cents, March Chicago wheat was down 10 cents
and March Minneapolis wheat was down 6 cents. The December U.S. Dollar Index is
trading up 0.27 at 105.51. The Dow Jones Industrial Average is down 474.14
points at 33,472.96. December gold is up $1.10 at $1,782.40, December silver is
down $0.13 at $22.29 and December copper is up $0.0245. December crude oil is
down $2.60 at $74.33, December ultra-low sulfur diesel is down $0.0905,
December RBOB gasoline is down $0.0561 and December natural gas is down $0.077.
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