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DTN Closing Grain Comments 11/05 13:52
Late Morning Selloff Sends Soybeans Below $12; Wheat Holds to Gains
What began as a mixed to slightly higher session for row crop futures
swiftly turned bearish once again by late morning, with soybeans taking the
brunt of the selling pressure with January soybeans breaking below the $12.00
mark and challenging long-term trend support. The weakness added to what was
already a marginally lower day for corn futures, with that market still
struggling as well to find any bullish momentum. Wheat futures, on the other
hand, held to daily gains and above weekly lows while also facing selling
pressure, causing a retreat from the highs of the day. Outside markets were
mixed, with equities sharply lower on AI-related selling, with the Dow Jones
Industrial Average down over 1,600 points and posting a bearish key reversal
candle. Energy markets were firm as prices recovered from a three-day
election-related selloff, with further tanker attacks reported in the Strait of
Hormuz. Treasury notes were firm with yields lower, which in turn pressured the
U.S. dollar that also aided the bounce in wheat.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed down 4 1/4 cents and March corn was down 3 3/4 cents.
January soybeans closed down 14 cents and March soybeans were down 14 cents.
December KC wheat closed up 3 cents, December Chicago wheat was up 3/4 cents,
December MIAX Minneapolis wheat was up 3 1/4 cents.
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