DTN Closing Grain Comments 06/17 13:56

DTN Closing Grain Comments    06/17 13:56
   Thursday Sees Panic Selling in Grains; China Talks Down Prices

   July soybean oil and new-crop corn and soybeans posted large losses
Thursday, succumbing to ongoing concerns about a possible change in biofuel
policy and after a high-ranking Chinese official made an effort to talk down
grain prices. There is rain in the seven-day forecast for the Eastern Corn
Belt, while much of the Western Corn Belt remains mostly dry.

Todd Hultman
DTN Lead Analyst

   GENERAL COMMENTS:

   July corn closed down its 40-cent daily limit and December corn was down its
40-cent limit. July soybeans closed down $1.18 3/4 cents and November soybeans
were down 90 1/2 cents. July KC wheat closed down 25 1/2 cents, July Chicago
wheat was down 23 3/4 cents and September Minneapolis wheat was down 10 1/4
cents. The September U.S. Dollar Index is trading up 0.61 at 91.82. The Dow
Jones Industrial Average is down 219.49 points at 33,814.18. August gold is
down $79.50 at $1,781.90, July silver is down $1.75 at $26.06 and July copper
is down $0.2150. July crude oil is down $1.28 at $70.87, July heating oil is
down $0.0395, July RBOB gasoline is down $0.0289 and July natural gas is down
$0.010.

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