DTN Closing Grain Comments 11/07 14:51

DTN Closing Grain Comments 11/07 14:51 Soybean Futures Show Strength Despite Likely Record Production The market tone for Thursday was much more subdued compared to Wednesday as traders have now had a full day to digest the implications of a second Trump term. Soybeans have had a very impressive turn, posting over a 40-cent move from Wednesday morning's bottom to Thursday afternoon's high. Demand prospects for U.S. grains remain strong at seasonally low prices, this in combination with potential supply cuts in Friday's USDA report has buyers taking interest. The plant oil complex was very strong Thursday again led by palm oil surging higher. As a result, soybean oil posted a new high for its move and now sits at its highest price level since early July. Outside markets were quiet Thursday with the Dow Jones posting marginal gains to follow up Wednesday's huge day. Meanwhile the U.S. dollar has reversed most of the gains made following Tuesday's election results. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: December corn closed up 1 1/4 cents and March corn was up 1 1/2 cents. January soybeans closed up 22 1/2 cents and March soybeans were up 22 3/4 cents. December KC wheat closed down 5 cents, December Chicago wheat was down 1 3/4 cents and December Minneapolis wheat was down 3 cents.