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DTN Closing Grain Comments 11/28 13:48
Corn Hits Another New Low; Wheat Rallies as Dollar Sinks; Soybeans, Bean Oil
Rise Sharply
Corn futures fell to another new low Tuesday before mounting a modest
recovery, while wheat and the soy complex rallied sharply, with soybeans, bean
oil and Kansas City wheat leading the way higher. Following heavy fund selling
lately, wheat markets had become oversold and funds may have covered some
shorts. Soybeans tested and survived the key support area of $13.25 on January
four times before recovering to move sharply above that level.
Dana Mantini
Senior Market Analyst
GENERAL COMMENTS:
March corn closed down 1 3/4 cents per bushel, January soybeans were up 16
3/4 cents per bushel. March KC wheat closed up 21 1/4 cents per bushel, March
Chicago wheat finished up 11 cents per bushel and March Minneapolis wheat
finished up 13 1/2 cents. The Dow Jones Industrial Average is up 62.06 points
at 35,395.53 and The U.S. Dollar Index is down 0.400 at 102.80 and January
crude oil is up $1.48 per barrel at $76.34. l and March Minneapolis wheat was
up 14 cents.
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