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DTN Closing Grain Comments 12/11 13:45
Ag Commodities Fade Late in Wednesday Session Against Technical Pressure
Ag commodities for the most part Wednesday were unchanged to slightly higher
on the heels of Tuesday's supportive estimates from USDA. However, price
strength waned late in the session as contracts approached chart resistance to
the upside. Prices have become somewhat overbought now in the short term, and
technical pressure worked to limit gains Wednesday as traders work to sort out
fair market value for grains given the refreshed fundamental outlook provided
by the government Tuesday. Outside market influence also leaned somewhat
negative Wednesday with a stronger U.S. Dollar Index following the U.S.
Consumer Price Index data coming in slightly above last month but within
expectations in a show of lingering inflation, but probably not enough at this
point to deter the Fed from an additional rate cut next week.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
March corn closed down 3/4 cents and May corn was up 1/4 cents. January
soybeans closed up 3/4 cents and March soybeans were up 2 1/2 cents. March KC
wheat closed up 1 1/2 cents, March Chicago wheat was up 1 1/2 cents and March
Minneapolis wheat was down 0 cents.
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