Following the lead of the palm oil market, which scored a new contract high on Wednesday, soybean oil futures closed solidly higher, while soybeans could not hold onto early gains. For the fifth straight day, USDA reported new soybean sales, with 4.85 million bushels sold to China. December corn moved away from $5.50 to close right at its 50-day moving average, while wheat sold off on profit-taking.
GENERAL COMMENTS:
December corn closed up 6 cents per bushel, November soybeans finished up 3 1/4 cents, September KC wheat closed down 4 cents, September Chicago wheat settled unchanged and September Minneapolis wheat ended down 5 cents.
The September U.S. Dollar Index is trading down 0.165 at 92.890. The Dow Jones Industrial Average is up 193.83 points at 35,458.50. December gold is up $22.90 at $1,754.60, September silver is up $0.14 at $23.53 and September copper is up $0.0120 at $4.3660. September crude oil is up $0.90 at $69.19, September heating oil is up $0.0239, September RBOB is up $0.0327 and September natural gas is down $0.037.
