DTN Closing Grain Comments

For the third time in the past week, USDA announced a sale of soft red winter wheat to China; total sales this week were over 37 mb. Chicago and the other two wheat markets surged early but were unable to keep the gains. As rain continues to improve South American soybean and corn prospects, those markets slipped lower again Wednesday, led by January soybeans, which fell through $13. Soy product gains moved higher early, but reversed midsession, with soymeal and bean oil falling to large losses, with the latter pressured by the fifth straight lower finish on crude oil.