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DTN Closing Grain Comments 07/08 13:51
Row Crops Fall on Profit-Taking Despite Bullish Energy Influence
Corn, soybeans and wheat futures paused their five-day rallies on Wednesday,
in a classic example of "buying the rumor, selling the fact" after USDA finally
confirmed the rumored round of soybean sales to China on Wednesday morning. The
argument for weather risk in markets remains valid for the time being with
hotter and drier conditions in the U.S. forecast to late July, and the European
situation still challenging to developing spring crops. The breaking news late
Tuesday and early Wednesday was the apparent end to the ceasefire in the Middle
East. The U.S. struck back against a series of ship attacks by Iran on Tuesday,
with President Trump saying the deal made in June is over. Crude oil futures
naturally jumped on the developments. Meanwhile, Wednesday's Petroleum Status
report showed the U.S. Strategic Petroleum Reserve fell to a new low going back
to the early 1980s, while last week's production was the highest since November
2025.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
September corn closed down 8 3/4 cents and December corn was down 8 cents.
August soybeans closed down 1/2 cent and November soybeans were down 5 1/2
cents. September KC wheat closed down 7 1/2 cents, September Chicago wheat was
down 10 3/4 cents, September MIAX Minneapolis wheat was down 2 1/4 cents.
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