Chicago Close: Profit Taking Ahead of US Thanksgiving Weighs

Corn, wheat and soybean futures all fell on Wednesday in a round of profit taking ahead of the US Thanksgiving holiday.

Chicago wheat led the way down, after trading near nine-year highs earlier in the day. However, losses continued to be limited by tight global supplies, especially as the Australian harvest has been delayed by rain that has also raised concerns about crop quality. A stronger American dollar helped to undermine wheat as well. December Chicago wheat tumbled 19 ¼ cents to $8.36 ¾, December Kansas City dropped 5 ½ cents to $8.73 ¼ and December Minneapolis lost 1 ½ cents to $10.36 ¾.

Declines in corn were softened by export demand, as the USDA this morning announced a large sale for 100,000 tonnes of corn sold to Mexico under the daily reporting system. December corn slipped ¾ of a cent to $5.79 ¾ and new-crop December 2022 lost 1 ¼ cents to $5.58 ¼.

Meanwhile, the USDA announced a private export sale this morning for 330,000 tonnes of US soybeans to unknown destinations. January fell 6 ½ cents to $12.66 ½ and November 2022 closed down 3 ¾ cents at $12.49 ¾.

Source: DePutter Publishing Ltd.

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