DTN Grain Close: Markets Surge Higher

Mature soybean pods ready for harvest. ©Debra L Ferguson

Grain and soybean markets rose in unison on Wednesday, led by wheat, corn and soybean oil, with the latter two no doubt helped by the surging crude oil market, and strong world veg oils. Soybeans closed solidly higher, but were a bit more subdued, as a net cancellation of 328,000 metric tons (12 million bushels) was announced to China and unknown destinations.

GENERAL COMMENTS:

December corn closed up 13 1/4 cents per bushel and December corn was up 13 1/4 cents. November soybeans closed up 12 cents and November soybeans were up 12 cents. December KC wheat closed up 14 1/4 cents, December Chicago wheat was up 11 1/2 cents and December Minneapolis wheat was up 15 1/2 cents.

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