DTN Closing Grain Comments 12/11 13:45

DTN Closing Grain Comments 12/11 13:45 Ag Commodities Fade Late in Wednesday Session Against Technical Pressure Ag commodities for the most part Wednesday were unchanged to slightly higher on the heels of Tuesday's supportive estimates from USDA. However, price strength waned late in the session as contracts approached chart resistance to the upside. Prices have become somewhat overbought now in the short term, and technical pressure worked to limit gains Wednesday as traders work to sort out fair market value for grains given the refreshed fundamental outlook provided by the government Tuesday. Outside market influence also leaned somewhat negative Wednesday with a stronger U.S. Dollar Index following the U.S. Consumer Price Index data coming in slightly above last month but within expectations in a show of lingering inflation, but probably not enough at this point to deter the Fed from an additional rate cut next week. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: March corn closed down 3/4 cents and May corn was up 1/4 cents. January soybeans closed up 3/4 cents and March soybeans were up 2 1/2 cents. March KC wheat closed up 1 1/2 cents, March Chicago wheat was up 1 1/2 cents and March Minneapolis wheat was down 0 cents.