Wheat prices were able to test the high end of their price channel last week and failed to break above key resistance levels. This week the market has continued to decline and is now getting closer to testing their lows made in late October.
Wheat closed a little higher in Chicago and a little lower in Minneapolis as the US Dollar moved lower and helped create new demand ideas all three markets. Some selling was seen by the funds in all agricultural markets, but Wheat was able to hold much better than Corn of the Soy complex.
Soybeans and products were lower on fund selling. Funds were selling as short-term trends turned down due to ideas of big crops and slower demand. There have been no new export sales announcements for several days now.
The corn crop keeps getting bigger. That has been the case since USDA took their first field survey in August. In the just released November Crop Report, USDA increased their yield estimate for corn 3.6 bpa to 175.4 bpa.
Chicago Board of Trade (CBOT) December Chicago Board of Trade (CBOT) wheat ended down a half-cent at $4.18, still down in the dumps after Tuesday's new contract low and finding no arguments to motivate buying among traders.