DTN Closing Grain Comments 12/06 13:54
6 Dec 2023
DTN Closing Grain Comments 12/06 13:54 China Purchase Sends Wheat Higher, But Fails to Hold Gains; Corn, Soybeans, Soy Products Fall Sharply For the third time in the past week, USDA announced a sale of soft red winter wheat to China; total sales this week were over 37 mb. Chicago and the other two wheat markets surged early but were unable to keep the gains. As rain continues to improve South American soybean and corn prospects, those markets slipped lower again Wednesday, led by January soybeans, which fell through $13. Soy product gains moved higher early, but reversed midsession, with soymeal and bean oil falling to large losses, with the latter pressured by the fifth straight lower finish on crude oil. Dana Mantini Senior Market Analyst GENERAL COMMENTS: March corn closed down 6 1/4 cents per bushel, January soybeans finished down 10 cents per bushel. March KC wheat was down 6 3/4 cents per bushel, March Chicago wheat closed up 2 1/4 cents per bushel and March Minneapolis wheat was down 8 1/2 cents.