THE OPEN November beans: 4 higher December meal: .40 lower December soyoil: 38 higher December corn: 1 3/4 higher September wheat: 2 higher Prices opened in line with market expectations, with firmer oilshare courtesy of a weaker meal market. Light position - evening was the feature of the day, with short-covering in corn and profit-taking in wheat given its upside run. Funds purchased beans and soyoil after the market opened. SOY
The key feature in the market was that of firmer oilshare as a sharply higher palm oil market kept Dec. soyoil futures nicely supported during the session. Funds are only long a modest amount of soyoil, with the upside break-out triggering more...