DTN Grain Close: Soy Complex Jumps to Big Gains on Falling Conditions, Demand

Soybean field ready for harvest. ©Debra L Ferguson

Following Monday’s Crop Progress report, which showed deteriorating soy conditions, soybeans and bean oil led a dynamic rally to close sharply higher Tuesday. Soy conditions were reported to be the worst in seven years, at just 56% good to excellent. Soybean oil rallied back on the heels of the $6 per barrel recovery in October crude oil futures. China reappeared to buy more new-crop soybeans.

GENERAL COMMENTS:

December corn finished up 9 3/4 cents per bushel, November soybeans closed up 39 cents, December KC wheat settled down 1/4 cent, December Chicago wheat finished down 1 1/4 cents and December Minneapolis wheat was up 4 cents.

The September U.S. Dollar Index is trading down 0.046 at 92.925. The Dow Jones Industrial Average is up 95.13 points at 35,430.84. December gold is up $1.70 at $1,808.00, September silver is up $0.27 at $23.93 and September copper is up $0.0240 at $4.2610. October crude oil is up $1.90 at $67.54, October heating oil is up $0.0619, October RBOB is up $0.0691 and September natural gas is down $0.045.

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