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DTN Closing Grain Comments 11/01 13:47
Grain Futures Display Uncertainty on First Day of November
Grain prices day were heavily mixed Friday, with all three major crops
showing early morning strength, but giving way to selling pressure throughout
the session. Soybeans were the most volatile of the group, posting a 20-cent
range on the January board and erasing early morning double-digit gains to
close lower for the session. Soybean oil had a breakout session Friday by
topping resistance at $45.29 while soybean meal set a new contract low to close
the week. Outside markets were a mostly positive influence Friday with crude
oil recovering throughout this week's trade to close its chart gaps. Most
commodity boards were off their highs by the close Friday, displaying a great
deal of uncertainty amongst traders, and caution about being long heading into
what is likely the last big harvest weekend for U.S. crops.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed up 3 3/4 cents and March corn was up 3 1/4 cents.
January soybeans closed down 3/4 cents and March soybeans were down 1 1/4
cents. December KC wheat closed down 2 1/2 cents, December Chicago wheat was
down 2 1/2 cents and December Minneapolis wheat was down 4 1/2 cents.
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