DTN Closing Grain Comments 02/28 13:39
28 Feb 2023
DTN Closing Grain Comments 02/28 13:39 Corn, Soybeans, Soymeal Hit the Skids as Funds Liquidate The reality of the current record soybean crop being harvested in Brazil could no longer be ignored. The known drought losses in Argentina seem to have become old news, and the market focus in the past few days seems to have switched to the prospect for Brazil to have both record large corn and soy crops. Old-crop soybeans broke convincingly through the 50-day average, while May corn fell to the lowest level since August of 2022, sending long funds running for the exit door. Dana Mantini Senior Market Analyst GENERAL COMMENTS: May corn closed down 13 1/4 cents and December corn was down 6 1/4 cents. May soybeans closed down 33 3/4 cents and November soybeans were down 24 3/4 cents. May KC wheat closed down 4 1/4 cents, May Chicago wheat was down 4 1/2 cents and May Minneapolis wheat was up 1/4 cents.