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DTN Closing Grain Comments 08/11 13:50
Wheat, Soy Markets Again Lead the Way Higher; Inverses Widen
Soybeans, soy products and wheat led Thursday's sharp gains ahead of
Friday's USDA August report. The markets are reflecting tight old-crop supplies
and solid demand, with both August soybeans and meal surging to new heights.
September soybean oil rose sharply and finished higher for the sixth
consecutive day on the heels of the crude oil recovery. The $2.80 per bushel
inverse on the soy Aug-Nov spread and the $112 per ton inverse on Aug-Dec meal
are illustrative of tightening old-crop stocks of each. Even September-December
corn shows an inverse -- unusual for this time of year. Wheat markets appear to
be finally turning the corner, with Chicago wheat closing higher for the fourth
straight day.
Dana Mantini
Senior Market Analyst
GENERAL COMMENTS:
September corn closed up 8 cents per bushel and December corn was up 9 1/4
cents. August soybeans closed up 20 3/4 cents and November soybeans were up 20
3/4 cents. September KC wheat closed up 16 1/2 cents, September Chicago wheat
was up 11 cents and September Minneapolis wheat was up 11 cents. The September
U.S. Dollar Index is trading down 0.040 at 105.040. The Dow Jones Industrial
Average is up 112.22 points at 33,421.73. December gold is down $10.50 at
$1,803.20, September silver is down $0.49 at $20.25 and September copper is up
$0.0500 at $3.6995. September crude oil is up $2.39 at $94.32, September
heating oil is up $0.0713, September RBOB is down $0.0053 and September natural
gas is up $0.668.
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