DTN Closing Grain Comments 10/16 13:58
16 Oct 2023
DTN Closing Grain Comments 10/16 13:58 Bean Oil Rises for Third Straight Day, Pulls up Soybeans; Corn Weakens In very quiet trade, and despite weakness in the crude oil market, soybean oil surged to a third straight higher finish, pulling soybeans up with it, fueled by a record September crush and the lowest bean oil stocks since 2014. Corn was lower for the day in slow trade on the clear harvest outlook, while all three wheat markets traded both sides in dull trade with more rumors of Chinese interest in soft red winter. News from the Israeli--Gaza conflict was rather quiet with some rumblings about increased diplomacy. That will remain a volatile input as Israel prepares for a ground incursion into Gaza. Dana Mantini Senior Market Analyst GENERAL COMMENTS: December corn closed down 3 1/4 cents per bushel at 4.90 and March corn was down 3 1/2 cents at 5.05. November soybeans closed up 6 cents at 12.86 and January soybeans were up 5 3/4 cents at 13.05 3/4. December KC wheat closed down 1/4 cent at 6.69, December Chicago wheat was down 2 1/2 cents at 5.77 and December Minneapolis wheat was up 7 1/4 cents at 7.29.