The CBOT turned red for the day with the rallies in wheat and corn fading with the December WASDE looming on Friday. USDA reported fresh SRW wheat export sales to China, which boosted wheat futures initially, but there was a subsequent sense of reluctance to exit profitable short positions ahead of the WASDE. Consequently, wheat turned lower and pulled corn down with it, though the latter market saw its own pressure from profit taking and selling based on South American rains. The rains in South America continued to punish the soy complex on Wednesday and all three legs of the crush posted losses. WPI expects Thursday’s trade to be muted and devoted to pre-WASDE positioning and the USDA’s report will obviously drive price action...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Livestock, China, North America, South America