DTN Closing Grain Comments 05/18 13:58
18 May 2023
DTN Closing Grain Comments 05/18 13:58 Wheat Plunges Again Despite Bullish Yield News; Corn Fades on Net Sales Cancellations Even with two days of bullish yield reports from the Quality Council HRW Wheat Tour of Kansas, wheat markets plunged on the heels of the unexpected renewal of the Black Sea grain corridor deal and negative weekly sales. Spot corn came under heavy pressure on weak demand, recent China cancellations and favorable planting and growing weather. The soy complex was mixed with bean oil recovering and soymeal falling hard. Dana Mantini Senior Market Analyst GENERAL COMMENTS: July corn closed down 6 1/4 cents per bushel at 5.55 and December corn was up 1 3/4 cents at 5.01. July soybeans closed down 3 3/4 cents at 13.33 and November soybeans were down 1/2 cent at 11.87. July KC wheat closed down 28 1/2 cents at 8.57, July Chicago wheat was down 13 3/4 cents at 6.12 and July Minneapolis wheat was down 33 1/2 cents at 8.26.