DTN Closing Grain Comments 08/29 13:47
29 Aug 2024
DTN Closing Grain Comments 08/29 13:47 Soybean Oil Cruises Higher and Monstrous Sales Send Beans Sharply Higher; Corn, Wheat Close Strong Soybean oil futures jumped for the third time in the past four days with October rising sharply above the 20-day moving average. The strength comes despite comments from the world's number one veg oil importer that they could raise import taxes. Soybeans rose in concert with bean oil, with November again testing and closing slightly above the 20-day average, following a week of massive new-crop sales. Wheat and corn traded on both sides of unchanged before firming to solid higher closes. Dana Mantini Senior Market Analyst GENERAL COMMENTS: December corn closed up 5 1/4 cents per bushel at $3.96 and March corn was up 4 1/4 cents at $4.14 0/1. November soybeans closed up 15 1/2 cents at $9.93 1/2 and January soybeans were up 14 1/4 cents at $10.09 3/4. December KC wheat closed up 4 3/4 cents at $5.61 1/2, December Chicago wheat was up 7 1/4 cents at $5.49 3/4 and December Minneapolis wheat was up 6 3/4 cents at $5.91 1/2.