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GRAINS

GRAINS: December corn futures closed up 8 cents at $3.56 1/4 today. Prices closed nearer the session high today and hit a seven-week high. The corn bulls have made good headway recently to suggest a “harvest low” is in place. Prices are in a three-week-old uptrend on the daily bar chart. However, the corn bulls still have work to do to suggest the fledgling uptrend can be sustained.

November soybeans closed up 19 1/2 cents at $9.63 3/4 a bushel today. Prices closed near the session high. There are still early technical clues that a “harvest low” is in place in the soybean market. A three-week-old uptrend is in place on the daily bar chart. However, the bulls have more work to do to suggest the fledgling uptrend can be sustained. The soybean bears still have the overall near- term technical advantage.

December soybean meal closed up $13.20 at $342.60 today. Prices closed near the session high and hit a six-week high today. The soybean meal bulls and bears are now on a level near-term technical playing field. Bulls have good upside momentum. A three-week-old uptrend is in place on the daily bar chart.

December bean oil closed up 3 points at 31.73 cents today. Prices closed nearer the session low and hit another five- week low today. Lower crude oil prices have hit the bean oil market hard. The bean oil bears have the solid overall near-term technical advantage.

December Chicago SRW wheat closed up 6 1/4 cents at $5.19 3/4 today. Prices closed nearer the session high and hit a six-week high today. The wheat bears have the overall near- term technical advantage. However, the bulls have gained good upside momentum recently. Prices are in a four-week- old uptrend on the daily bar chart.

December HRW wheat closed up 1 1/4 cents at $6.02 1/4 today. Prices closed near mid-range. Prices last Friday hit a five-week high. The wheat bears have the overall near- term technical advantage. However, the bulls have upside momentum.

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