DTN Closing Grain Comments 08/09 13:52
Soybeans and Meal Explode Early; Corn Gaps Higher, Rallies on Falling
Corn, soybeans and soymeal vaulted to sharp gains Tuesday following
worsening crop and yield ratings. Corn in good to excellent condition slipped 3
percentage points, while soy ratings also declined, and hot and mostly dry
weather continued to compromise row crop yields in the western and southern
belt. December corn is close to breaking out of the 5-week range of trade that
we have seen since July 1, but a late day sell-off led to only modest gains.
Senior Market Analyst
September corn closed up 7 cents per bushel and December corn was up 6 3/4
cents. August soybeans closed up 73 3/4 cents and November soybeans were up 28
3/4 cents. September KC wheat closed up 4 cents, September Chicago wheat was up
1 3/4 cents and September Minneapolis wheat was up 12 cents. The September U.S.
Dollar Index is trading down 0.063 at 106.260. The Dow Jones Industrial Average
is down 124.11 points at 32,708.43. December gold is up $5.30 at $1,810.50,
September silver is down $0.17 at $20.45 and September copper is down $0.0070
at $3.5795. September crude oil is down $0.38 at $90.38, September heating oil
is up $0.1554, September RBOB is up $0.0767 and September natural gas is up
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