DTN Closing Grain Comments 02/01 13:48
Soybeans and Bean Oil Plunge on Weak Outsides; Corn Recovers
The entire grain and soy complex proceeded to take it on the chin early on
the first day of February. With more rain showers falling in Argentina in
coming days, and with more talk or recession fears ahead of Wednesday's Federal
Reserve meeting, the sellers came out in force. However, by the end of the day,
corn and wheat had recovered, with only beans and oil finishing sharply lower.
Senior Market Analyst
March corn closed up 1 1/4 cents per bushel and May corn was up 2 cents.
March soybeans closed down 17 3/4 cents and May soybeans were down 13 3/4
cents. March KC wheat closed up 5 1/2 cents, March Chicago wheat was down 1 1/2
cents and March Minneapolis wheat was up 2 3/4 cents. The March U.S. Dollar
Index is trading down 0.265 at 101.650. The Dow Jones Industrial Average is
down 330.51 points at 33,755.53. April gold is down $4.70 at $1,940.60, March
silver is down $0.24 at $23.60 and March copper is down $0.1090 at $4.1170.
March crude oil is down $2.46 at $76.41, March heating oil is down $0.1915,
March RBOB is down $0.1177 and March natural gas is down $0.206.