DTN Grain Close: Soybeans, Corn Plunge Again; Bearish Mood Spills Into Wheat

Soybean harvest. ©Debra L Ferguson

Soybean and corn futures carried over the bearish posture from the October WASDE, which projected higher yields, production and ending stocks levels for both. Wheat, which rallied Tuesday after a mostly neutral to bullish report, joined in the sell-off Wednesday. November soybeans fell to the lowest level since the end of March, before bouncing late. There is no doubt funds were liquidating longs, especially in corn.

GENERAL COMMENTS:

December corn closed down 10 1/4 cents per bushel and March corn was down 10 cents. November soybeans closed down 3 cents and January soybeans were down 4 cents. December KC wheat closed down 18 cents, December Chicago wheat was down 15 1/4 cents and December Minneapolis wheat was down 3 3/4 cents.

The December U.S. Dollar Index is trading down 0.389 at 94.130. The Dow Jones Industrial Average is down 2.38 points at 34,375.96. December gold is up $32.70 at $1,792.00, December silver is up $0.59 at $23.11 and December copper is up $0.1780 at $4.5035. November crude oil is down $0.16 at $80.48, November heating oil is up $0.0107, November RBOB is up $0.0231 and November natural gas is up $0.085.

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