In a totally risk-off day for grain, wheat led the way lower, with Kansas City and Chicago plunging to 25- to 30-cent losses. There is no apparent news to drive this weakness, but I would assume funds are letting go of their longs; some suggest index fund selling. World veg oil markets tanked early, but soybean oil reversed early losses to close higher.
GENERAL COMMENTS:
March corn closed down 4 1/2 cents per bushel and March corn was down 4 1/2 cents. January soybeans closed up 3 cents and January soybeans were up 3 cents. March KC wheat closed down 26 1/4 cents, March Chicago wheat was down 31 cents and March Minneapolis wheat was down 11 3/4 cents.
The March U.S. Dollar Index is trading up 0.237 at 96.775. The Dow Jones Industrial Average is up 68.97 points at 35,613.15. February gold is down $10.90 at $1,761.40, March silver is down $0.16 at $21.76 and March copper is down $0.0605 at $4.1970. January crude oil is up $0.31 at $71.04, January heating oil is up $0.0045, January RBOB is up $0.0195 and January natural gas is up $0.051.
