DTN Closing Grain Comments 11/12 13:51

DTN Closing Grain Comments 11/12 13:51 Ag Markets Under Pressure as WASDE Spark Burns Out The past three sessions for ag commodity futures markets could be described as a textbook example of "buying the rumor, and selling the fact," as corn and soybeans specifically benefitted from buying leading into Friday's report. However, it appears clear at this point that even with larger-than-expected reductions in U.S. production, corn and soybean traders are seeing the need to take profits on those longs because while production was reduced, the "fact" still remains that 2024 as estimated stands as one of the top three historical production levels for both of the major U.S. crops, and lingering demand concerns for 2025. Volume remains suppressed compared to recent weeks and outside markets did the ag complex little favors Tuesday with corrections in the Dow Jones Industrial Average, as well as a surging U.S. dollar. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: December corn closed down 1 1/2 cents and March corn was down 2 1/2 cents. January soybeans closed down 11 3/4 cents and March soybeans were down 12 3/4 cents. December KC wheat closed down 13 cents, December Chicago wheat was down 13 1/4 cents and December Minneapolis wheat was down 14 1/4 cents.