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DTN Closing Grain Comments 08/07 13:58
Crop Prices Hold Support in Quiet End to Week
Wheat futures once again were the most volatile of row crop futures on
Friday, quickly regaining Thursday's losses as the trade has alternated gains
and losses in seven consecutive sessions on the September Kansas City contract.
Corn and soybean futures remained supported on their respective charts but
still see upside momentum restrained by mixed signals on where 2026 U.S.
production will land. After a bearish start to the week, outside energy markets
stabilized and firmed through the latter half of the week as traders have taken
the lack of follow-up details to early-week optimism for an agreement regarding
the Strait of Hormuz as a sign that discord remains among the sides involved.
In macroeconomic news, the July U.S. employment report was much softer than
expected, with the U.S. cutting 23,000 jobs compared to expectations for 83,000
to be added. Stocks moved higher, and Treasury yields fell as the sluggish
labor market suggests a Federal Reserve rate increase may be less likely in the
upcoming September meeting.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
September corn closed unchanged, and December corn was also unchanged.
September soybeans closed down 1 cent, and November soybeans were down 1 1/2
cents. September KC wheat closed up 14 1/4 cents, September Chicago wheat was
up 8 1/2 cents, September MIAX Minneapolis wheat was up 8 1/2 cents.
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