DTN Closing Grain Comments 08/30 13:52
30 Aug 2024
DTN Closing Grain Comments 08/30 13:52 Soybeans, Soymeal, Corn Continue to Advance; Wheat Shakes Off Early Selling to Close Higher Corn and soybeans continued their recovery from the lows, both rising above the 20-day moving averages with November beans breaking above a downtrend line that began in May. October bean oil futures finished slightly down, avoiding the ninth higher close in the past 11 days, but biodiesel demand is ramping up and funds continue to cover, while bean oil use for biodiesel in June set a record. Wheat markets overcame some early selling to finish with a modest gain. Dana Mantini Senior Market Analyst GENERAL COMMENTS: December corn closed up 5 cents per bushel at $4.01 and March corn was up 5 cents at $4.19 0/1. November soybeans closed up 7 1/2 cents at $10.00 0/1 and January soybeans were up 8 1/4 cents at $10.17 0/1. December KC wheat closed up 4 3/4 cents at $5.65 1/4, December Chicago wheat was up 2 3/4 cents at $5.52 1/2 and December Minneapolis wheat was up 9 3/4 cents at $6.00 1/4.