DTN Closing Grain Comments 03/23 13:40
Soybean Complex Plunges on More Fund Liquidation
Despite the oversold nature of the soybean futures market, soybeans continue
to freefall as funds unloaded longs, with new-crop November closing down for
the thirteenth consecutive day. Soybean meal and bean oil also crumbled as
funds sold heavily. Corn got an early boost from more China business, but
couldn't hold, while wheat was a mixed affair.
Senior Market Analyst
May corn closed down 1 3/4 cents and December corn was down 2 1/4 cents. May
soybeans closed down 29 cents and November soybeans were down 14 1/2 cents. May
KC wheat closed up 8 1/2 cents, May Chicago wheat was down 1 1/2 cents and May
Minneapolis wheat was down 1/4 cent.
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