DTN Closing Grain Comments 12/04 13:58

DTN Closing Grain Comments 12/04 13:58 Ag Futures Erase Tuesday Gains as Markets Continue Choppy Action Most agricultural commodity markets were moderately lower Wednesday as the trade seems largely to be ignoring fundamental clues, bullish or bearish, in favor of cautious technical trade ahead of new USDA numbers early next week. Outside market influence was mainly positive Wednesday with a weaker U.S. dollar as well higher equity markets. Weather in South America remains friendly and uneventful, with a few private analysts now penciling Brazilian production above the USDA's record estimate of 169 million metric tons (mmt). We will see what USDA has to say on the matter next week, but at this point an increase in Brazilian production would feel like further condemnation of the U.S. soybean export book as with these world supplies and a shaky relationship with China it gets difficult to see a significant foothold for the U.S. in the world marketplace. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: March corn closed down 2 1/4 cents and May corn was down 2 1/2 cents. January soybeans closed down 8 cents and March soybeans were down 7 1/2 cents. March KC wheat closed up 3/4 cents, March Chicago wheat was up 3/4 cents and March Minneapolis wheat was down 1/2 cent.