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DTN Closing Grain Comments 12/03 13:44
Crop Markets Slide as Post Harvest Rallies Hit Speedbumps
Corn, soybean, and wheat markets fell under technical pressure as the state
of post-harvest rallies has entered a period of limbo with traders likely
searching for clarity on lingering fundamental questions such as the supply
side of the corn balance sheet, as well as the uncertain nature of the demand
for U.S. soybeans in China. Prices may remain rangebound but below immediate
resistance ahead of the December USDA update due out early next week which may
offer insight into some of these areas of concern. Outside markets for
Wednesday saw equities trade higher, with the Dow Jones Industrial Average
higher now in eight of the past ten sessions and once again closing in on
record levels. The U.S. Dollar Index was softer for the seventh time in the
past eight business days and remains at the bottom of the monthly range for the
Index.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
March corn closed down 6 1/2 cents and May corn was down 6 3/4 cents.
January soybeans closed down 9 cents and March soybeans were down 9 1/2 cents.
March KC wheat closed down 3 1/2 cents, March Chicago wheat was down 2 3/4
cents, March MIAX Minneapolis wheat was down 4 1/2 cents.
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