DTN Closing Grain Comments 02/26 14:21

DTN Closing Grain Comments 02/26 14:21 US Ag Markets Remain Pressured Midway Through Week Grain traders continued to hit the sell button throughout Wednesday's trading session as soybeans again turned lower following Tuesday's brief reprieve. Meanwhile, corn futures acted early as if prices would hold on to small gains; but the ongoing selling spree in wheat futures pulled corn futures negative as well by midday. Outside market influence on agriculture futures on Wednesday leaned negative as stock indices were up for most of the session, but lost steam as the session wore on. Crude oil prices continue to slide back to their lowest level since early December. U.S. crude oil stocks fell for the first time since mid-January in Wednesday's Petroleum Status Report from the Energy Information Administration, although year-over-year weekly stocks remain up over 2%. Energy traders are expressing nervousness over the shaky consumer confidence reading Tuesday, and this weakness is spilling over into the grain complex as cash ethanol values have also slipped over the past week. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: May corn closed down 3/4 cents and July corn was down 3/4 cents. May soybeans closed down 7 1/2 cents and July soybeans were down 7 1/4 cents. May KC wheat closed down 7 cents, May Chicago wheat was down 8 cents, May Minneapolis wheat was down 11 cents.