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DTN Closing Grain Comments 12/05 13:43
Soybean Futures Drag Row Crops Lower Despite Sales to China
The soybean market fell by double digits on Friday, and in four of the five
sessions this week as traders are expressing growing impatience regarding where
cumulative sales stand to China, despite USDA announcing a flash sale Friday
morning, the first announcement for soybeans in a week. Corn and wheat futures
displayed more resilience on Friday as compared to soybeans but slipped
slightly amid spillover weakness as well as uncertainty regarding how USDA will
forecast crop demand in next Tuesday's WASDE report, which will leave the
supply side of the balance sheet unchanged and among record levels for corn and
wheat. In outside markets, a relatively cool inflation reading in the delayed
September Personal Consumption Expenditure Index keeps the Federal Reserve on
track for a rate cut in their meeting next week. Energy markets were higher to
close the week, having gained traction through the second half of the week
after the meeting between U.S. and Russian officials in Moscow has featured
little follow-through news in regard to advancing peace talks in the Black Sea
region.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
March corn closed down 2 1/2 cents and May corn was down 2 1/4 cents.
January soybeans closed down 14 1/4 cents and March soybeans were down 12 3/4
cents. March KC wheat closed down 2 3/4 cents, March Chicago wheat was down 4
1/2 cents, March MIAX Minneapolis wheat was down 0 cents.
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