DTN Closing Grain Comments 09/27 13:46
Financial Markets Recover, Propping up Corn and Soy Futures Only Briefly
Equities, energies, and metals all bounced early on Tuesday, following the
recent financial market meltdown and the Federal Reserve's aggressive interest
rate hike. The U.S. dollar paused its nonstop rally to give grain and soy
markets a much-needed boost. Wheat futures led the market higher, but the
bullish euphoria appears short-lived, as the Fed is expected to remain hawkish
in coming months. The equity markets ended up selling off late in the session,
while the U.S. Dollar Index again approached the high. Corn and soybeans could
not hold early gains, with beans closing lower.
Senior Market Analyst
December corn closed up 1 1/4 cents per bushel and March corn was up 2
cents. November soybeans closed down 3 1/4 cents and January soybeans were down
2 1/4 cents. December KC wheat closed up 13 3/4 cents, December Chicago wheat
was up 13 1/2 cents and December Minneapolis wheat was up 14 cents. The
December U.S. Dollar Index is trading up 0.260 at 114.280. The Dow Jones
Industrial Average is down 215.09 points at 29,045.72. December gold is up
$4.20 at $1,637.60, December silver is down $0.10 at $18.39 and December copper
is down $0.0140 at $3.2805. November crude oil is up $1.87 at $78.58, November
heating oil is up $0.1148, November RBOB is up $0.0844 and November natural gas
is down $0.239.
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