DTN Closing Grain Comments 09/03 13:43

DTN Closing Grain Comments 09/03 13:43 Corn, Soybeans, Soymeal, Wheat Surge Higher; Bean Oil Stays Weak on Outside Influence Corn, soybeans, soymeal, and wheat moved sharply higher to start the new month, presumably as funds rushed to cover some of their large short positions in each market. Much of the bearish news may have already been introduced to the markets and the seasonal tendency is for markets to bottom in the early fall. Both December corn and Kansas City December wheat rose to the 50-day moving averages with KC up for the sixth consecutive day. Bean oil futures fell hard early on the plunge in canola related to China's decision to start an anti-dumping investigation on Canadian canola, recovering some at the end. Dana Mantini Senior Market Analyst GENERAL COMMENTS: December corn closed up 8 1/4 cents per bushel at $4.09 1/4 and March corn was up 8 1/4 cents at $4.27 1/4. November soybeans closed up 12 cents at $10.12 0/1 and January soybeans were up 12 1/2 cents at $10.30 1/2. December KC wheat closed up 11 cents at $5.76 1/4, December Chicago wheat was up 15 1/4 cents at $5.67 3/4 and December Minneapolis wheat was up 6 cents at $6.07 1/2.