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DTN Closing Grain Comments 01/22 13:49
Soybean Meal Stretches Higher
March soybean meal closed up $7.00 Monday, its sixth consecutive session
higher after Argentina's crops experienced another weekend of mostly dry
weather. Corn ended the day down a half cent, and Chicago wheat was up 3 cents
with more dry weather expected in the western Plains this week.
The markets opened firmer as called with more short-covering that took meal and beans to new highs for the recent move upward. Meal led the charge on concerns still about the health of Argentine crops. Soyoil futures lagged the pace, while wheat/corn trade was a dominant morning theme..............