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DTN Closing Grain Comments 02/16 13:52

16 Feb 2024
DTN Closing Grain Comments 02/16 13:52 Soybeans and Soymeal Recover; July Wheat Contracts Fall to New Low on Lower Black Sea Values One day after the widely expected, but still bearish, USDA Ag Outlook balance sheet changes, grain and soy markets are still having to deal with the bearish fallout. All the markets not only have seen a large uptick in speculative short position, but also a technical picture that reflects oversold conditions. Funds are thought to be carrying record or near-record large net short positions in corn and soybeans ahead of President's Day. Dana Mantini Senior Market Analyst GENERAL COMMENTS: March corn closed down 1 1/4 cents per bushel and March soybeans were up 10 cents per bushel. March KC wheat was down 8 1/2 cents per bushel, March Chicago wheat closed down 6 1/2 cents per bushel and May Minneapolis wheat was down 3 1/4 cents.