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DTN Closing Grain Comments 10/30 13:51
Crops Close Bearish October With Mixed Trade
Row crop futures traded mixed in a quiet session to close an overall dreary
month for price action in October. There may be some reason for optimism at
last as corn, soy, and wheat markets have shown signs of bottoming through the
latter half of this week. However, upside momentum remains limited as bullish
confidence has understandably been shaken through the multiweek sell-off.
Energy futures were firm to close the week, strengthening on reported tanker
attacks in the Persian Gulf this week and escalation fears following the U.S.
midterm elections in early November. Stock indices were down sharply to close
the week on shaky tech earnings, while money flow into bonds after Wednesday's
Fed interest rate decision has pressured yields and as a result, the U.S.
Dollar as well -- the latter lower a for a third straight session, but also
well off the daily low to close the week.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed down 3 1/2 cents and March corn was down 3 3/4 cents.
January soybeans closed down a 1/2 cent and March soybeans were up a 1/4 cent.
December KC wheat closed down 1 cent, December Chicago wheat was down a 1/4
cent, December MIAX Minneapolis wheat was unchanged.
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