DTN Closing Grain Comments 05/16 13:50

DTN Closing Grain Comments 05/16 13:50 Wheat Leaps to Limit Gains as World Supplies Continue to Tighten The wheat markets, both in the U.S. and in Europe, gapped sharply higher on the weekend news that India would ban wheat exports, and ongoing issues of weather problems in the EU and U.S. hard wheat areas. Hot and dry weather again dominated both the EU and U.S. hard winter growing areas. Al three wheat market spot months finished up the daily limit. Corn and soybeans joined in on the rally, with new crop corn vaulting to another new contract high. Dana Mantini Senior Market Analyst GENERAL COMMENTS: July corn closed up 28 1/4 cents per bushel and December corn was up 16 3/4 cents. July soybeans closed up 10 cents and November soybeans were up 13 3/4 cents. July KC wheat closed up 70 cents, July Chicago wheat was up 70 cents and July Minneapolis wheat was up 60 cents. The June U.S. Dollar Index is trading down 0.276 at 104.345. The Dow Jones Industrial Average is up 289.47 points at 32,486.13. June gold is up $5.60 at $1,813.80, July silver is up $0.55 at $21.56 and July copper is up $0.0380 at $4.2130. June crude oil is up $3.55 at $114.04, June heating oil is down $0.0159, June RBOB is up $0.0627 and June natural gas is up $0.275.