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DTN Closing Grain Comments 12/18 13:41
Soybeans Continue Lower Pattern; Corn Futures Higher Thursday on Rumor of
China Purchases
The corn market extended its recovery to two days on Thursday, reclaiming
lost technical ground in the process on rumors that China may have bought some
U.S. corn off the PNW this week. Meanwhile, the soybean complex was again lower
with the exception of meal futures. Wheat futures led the charge higher on
Thursday, attracting bargain buying as futures had approached and, in some
cases set, new 2025 and contract lows across markets earlier this week. In
macroeconomic news, the November Consumer Price Index reading of 2.7% annual
inflation was firmly and surprisingly lower than the 3% reading in September.
Market reaction to the news was mixed with slightly higher Treasuries but yield
futures flat to only a touch lower as some economists had offered a word of
warning that the data collection during the government shutdown may have
resulted in a skewed inflation measure this month.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
March corn closed up 4 cents and May corn was up 4 1/2 cents. January
soybeans closed down 6 cents and March soybeans were down 6 3/4 cents. March KC
wheat closed up 9 1/4 cents, March Chicago wheat was up 1 1/2 cents, March MIAX
Minneapolis wheat was up 11 cents.
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