DTN Grain Close: Wheat Fails to Hold New Contract High

    Wheat harvest. Photo: Kansas State University

    Chicago and Kansas City wheat both soared to new contract highs again but ran into roadblocks as markets had become excessively overbought and fund managers chose to take profits. Chicago March wheat appears to have formed a bearish chart pattern, called a bearish engulfing bar. Minneapolis wheat ended with modest gains. Corn and soybeans also faltered with corn rebuffed by the same chart area for about the sixth time.

    GENERAL COMMENTS:

    December corn closed down 3/4 cent per bushel and March corn was down 2 3/4 cents. January soybeans closed down 6 1/2 cents, and March soybeans were down 7 1/2 cents. March KC wheat closed down 7 cents, March Chicago wheat was down 17 1/4 cents and March Minneapolis wheat was up 2 cents.

    The December U.S. Dollar Index is trading up 0.401 at 96.895. The Dow Jones Industrial Average is down 69.75 points at 35,744.05. December gold is down $0.40 at $1,783.40, December silver is up $0.03 at $23.47 and December copper is up $0.0430 at $4.4665. January crude oil is down $0.08 at $78.42, January heating oil is down $0.0002, January RBOB is down $0.0128 and December natural gas is up $0.098.

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