At the close:
At the close, the Dec. corn futures finished 3 3/4¢ higher at $3.88 1/2. March corn futures closed 3 3/4¢ higher at $3.97, after hitting the $4.00 mark.
Nov. soybean futures settled 7¢ higher at $10.51 1/2, trading as high as $10.59. January soybean futures closed 6¢ higher at $10.51 1/2.
Dec. wheat futures settled 14 3/4¢ higher at $6.07 3/4.
Dec. soymeal futures finished $6.30 per short ton higher at $361.80.
Dec. soy oil futures are $0.06 cent lower at 33.03¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.69 per barrel lower at $39.98. The U.S. dollar is lower, and the Dow Jones Industrials are 561 points (2.02%) higher.
Mike
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At 8:48:
$4 corn and a 32¢ soybean rally. Wow!
Read about Wednesday's markets
I'm hearing farmers are selling a lot of $10 soybeans.
Keep this in mind:
On Tuesday, the funds bought:
--20,000 contracts of soybeans
--25,000 contracts of corn
--9,000 wheat contracts
--10,000 soymeal contracts
The funds' total positions are as follows:
--Long the soybean market by 277,000 contracts
--Long the soymeal market by 87,000 contracts
--Long the soy oil market by 98,000
--Long corn by 190,000 contracts
Mike
Mike
