DTN Closing Grain Comments 12/11 13:48
Soybeans Plummet Despite New China Buying; Corn, Wheat Fall Hard
Following six consecutive higher closes and a USDA WASDE report which
offered little change to the soybean supply and demand table, soybeans plunged
on heavy fund selling Wednesday. This comes despite confirmation that China had
bought another 21.4 million bushels (mb) of U.S. soybeans with another sale of
5 mb sold to unknown, which may also be China. Corn fell hard as well on new
fund selling, pressuring wheat.
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