DTN Closing Grain Comments    11/20 13:48
   Row Crops Lower as Soybeans Search For New Price Range

   The market continued to remove premium from prices on Thursday, despite
another strong reported sale to China for soybeans early Thursday morning. It
would seem like a classic case of "buying the rumor and selling the fact" in
the complex for this week. Now that China has seemingly returned to the U.S.
market in a meaningful way, traders likely are seeking to establish a new price
range. In other words, from the October lows, how much in cents per bushel is
the anticipated business from China worth? Time will tell on that. In outside
markets, the general bearish tone for Thursday was well noted, with equities
all but giving back a short bounce based on strong earnings from AI darling
Nvidia. Fears of an AI bubble are the most pointed to explanation for the stock
market weakness. Meanwhile, energy futures are lower again, with diesel prices
reversing from multi-month highs perhaps on news that President Trump has
reportedly approved a plan for ending the Russian-Ukraine war.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   December corn closed down 3 1/4 cents and March corn was down 3 3/4 cents.
January soybeans closed down 13 3/4 cents and March soybeans were down 12 1/2
cents. December KC wheat closed down 9 1/4 cents, December Chicago wheat was
down 9 3/4 cents, December MIAX Minneapolis wheat was down 8 1/2 cents.