DTN Closing Grain Comments 10/18 13:56
18 Oct 2024
DTN Closing Grain Comments 10/18 13:56 Wheat, Soybean Futures Suffer Heavy Losses to Close Out Week Friday featured heavy selling in soybeans and wheat futures to close out the week; corn also finished lower, albeit with more moderate losses. We are now a week removed from the October WASDE which pegged U.S. corn production at the second highest mark ever and U.S. and Brazil soybeans at record production for the 2024-25 crop year. Despite strong demand performance in export business again this week, traders seem wholly fixed on these supply estimates, and as a result are reluctant to allow prices much upside. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: December corn closed down 2 cents and March corn was down 2 1/4 cents. November soybeans closed down 18 3/4 cents and March soybeans were down 13 1/2 cents. December KC wheat closed down 15 1/4 cents, December Chicago wheat was down 16 3/4 cents and December Minneapolis wheat was down 12 1/4 cents.