DTN Closing Grain Comments 10/20 13:52
20 Oct 2023
DTN Closing Grain Comments 10/20 13:52 Rain Forecast in South America Sends Corn, Soybeans and Soymeal Lower; Wheat Fails to Hold Gains After the kind of rally we have seen in soybeans and soymeal the past six to seven days, it is no surprise to see Friday's correction, spurred on by a wetter forecast for Argentina and Brazil. Corn traders took some profits and then some after Thursday's sharp rally. Wheat continued to grind higher early, led by Chicago, which for the first time in 5 weeks moved past $6 as funds bought in shorts, but by mid-session the selling began, sending wheat to a lower close in all three markets. Dana Mantini Senior Market Analyst GENERAL COMMENTS: December corn closed down 9 1/2 cents per bushel at $4.96 and March corn was down 8 cents at $5.09. November soybeans closed down 13 1/4 cents at $13.02 and January soybeans were down 11 1/2 cents at $13.20 1/4. December KC wheat closed down 6 1/4 cents at $6.70, December Chicago wheat was down 8 cents at $5.86 and December Minneapolis wheat was down 6 3/4 cents at $7.32.