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DTN Closing Grain Comments 10/02 13:46
Wheat Markets Explode With All Rising Above The 100-day Moving Average; Corn
Firms As Well
Paris milling wheat futures set the stage for a dynamic wheat rally, gapping
higher and extending those gains. U.S. wheat markets followed, led by Kansas
City futures with all three of the markets eclipsing their 100-day moving
averages. December corn also rose again for the fourth straight day to the
highest level since June. Soybeans and soymeal backed off, while bean oil rose
with crude oil.
Dana Mantini
Senior Market Analyst
GENERAL COMMENTS:
December corn closed up 3 1/2 cents per bushel at $4.32 1/2 and March corn
was up 3 1/2 cents at $4.50 0/1. November soybeans closed down 1 1/4 cents at
$10.56 0/1 and January soybeans were down 1 1/4 cents at $10.74 1/4. December
KC wheat closed up 21 cents at $6.19 1/4, December Chicago wheat was up 16 1/4
cents at $6.15 1/4 and December Minneapolis wheat was up 14 1/4 cents at $6.49.
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