DTN Closing Grain Comments 12/06 13:54
China Purchase Sends Wheat Higher, But Fails to Hold Gains; Corn, Soybeans,
Soy Products Fall Sharply
For the third time in the past week, USDA announced a sale of soft red
winter wheat to China; total sales this week were over 37 mb. Chicago and the
other two wheat markets surged early but were unable to keep the gains. As rain
continues to improve South American soybean and corn prospects, those markets
slipped lower again Wednesday, led by January soybeans, which fell through $13.
Soy product gains moved higher early, but reversed midsession, with soymeal and
bean oil falling to large losses, with the latter pressured by the fifth
straight lower finish on crude oil.
Senior Market Analyst
March corn closed down 6 1/4 cents per bushel, January soybeans finished
down 10 cents per bushel. March KC wheat was down 6 3/4 cents per bushel, March
Chicago wheat closed up 2 1/4 cents per bushel and March Minneapolis wheat was
down 8 1/2 cents.
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