Renewed enthusiasm about the economy helped commodities erase much of their loses from yesterday, with corn closing up 16 and old crop soybeans closing up 48 cents. Crude oil and gold also finished the day stronger, crude up over $2.50 a barrel. U.S. Labor Department reported on Thursday that the number of unemployed workers continuing to receive benefits unexpectedly dropped last week for the first time in 20 weeks, new jobless claims also declined. Unemployment continues to be one of the most closely watched gauges of the recession recovery. Funds were reported buyers of 4,000 corn and 5,000 soybean contracts. Export sales showed corn at 25.9 million bushels for the week and soybeans 1.3 million bushels.
Chris Spurlock
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