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Strategies & Market Trends : Grain Futures Trading

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To: nicewatch who wrote (106)	11/12/1998 9:00:00 AM
From: wiley murray	Read Replies (1) of 645

Frank: For your review: Elsewhere, soybean prices continued to rise in reaction to the surprising cut in this year's crop estimate on Tuesday by the U.S. Agriculture Department. ''We had a bullish report and obviously that's still having an impact,'' said Mario Balletto, oilseed analyst for Merrill Lynch in Chicago. USDA estimated 1998 U.S. soybean output at 2.763 billion bushels, down six million bushels from its October estimate and about 40 million under average trade expectations. It also cut projected end-season stocks next September by 30 million bushels and raised soybean exports by 10 million bushels. At the Chicago Board of Trade, January soybeans closed 6 cents a bushel higher at $5.86-1/2, a 4-month high. December soybean meal rose $2.20 a ton at $150.80, also a 4-month high. Speculator buying also lifted December corn, which closed 3 cents higher at $2.25-1/4 a bushel. But December wheat fell 1/4 cent at $2.92-1/2 a bushel on pessimism about exports as Morocco and Tunisia both bought European wheat overnight.

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