|
|
|
|
|
|
|
DTN Closing Grain Comments 11/13 13:38
Row-Crop Markets Continue To Sell Off Midway Through Week
Ag markets continue to remove risk premium, albeit to a lesser extent now
that we are 2 1/2 trading sessions removed from the November USDA report.
Wednesday's pressure could be attributed to overall market weakness in
vegetable oils, which had been soaring but now have suffered three consecutive
sessions of heavy selling both on technical pressure as well as fears regarding
what degree the new U.S. administration will push a renewable fuel agenda.
Overall, the market trades the news available and, unfortunately for bulls, the
readily available numbers are those printed by the USDA Friday. Even with
underlying optimism regarding shrinking U.S. supplies, the majority of traders
will need to "see it to believe it" and as the fact of the matter stands
currently, U.S. grain stocks are not a bullish story. So begins a two-month
period of speculation ahead of the USDA's final production estimates in January.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed down 2 cents and March corn was down 2 3/4 cents.
January soybeans closed down 2 3/4 cents and March soybeans were down 4 cents.
December KC wheat closed down 5 3/4 cents, December Chicago wheat was down 11
1/4 cents and December Minneapolis wheat was down 6 1/2 cents.
Get your local Cash Bids emailed to you each morning from DTN – click here to sign up for DTN Snapshot.
|
|
|
|