DTN Closing Grain Comments 06/26 13:43
26 Jun 2024
DTN Closing Grain Comments 06/26 13:43 Wheat Finally Catches a Bid But Can't Hold While Corn, Soybeans, Soymeal Fade Late After closing down for 17 of the previous 19 days, all three wheat markets were able to muster a small rally early Wednesday. But by the finish, most of the gains had disappeared except in KC. Each of the markets had become extremely oversold but had faced increased speculative selling in the past three weeks. Soybean and corn old-crop futures months bounced as basis levels appreciated and farmer sales slowed with the recent decline in prices. But by the close even old-crop months sagged, while new-crop futures again fell to new lows not seen in years. Bean oil futures rose from the recent contract low, setting up a possible double-bottom pattern. Dana Mantini Senior Market Analyst GENERAL COMMENTS: July corn was down 5 1/2 cents per bushel, December corn closed down 6 1/2 cents. November soybeans finished down 4 1/2 cents per bushel. September KC wheat was up 3 cents per bushel, September Chicago wheat ended unchanged and September Minneapolis wheat was down 1/4 cent.