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DTN Closing Grain Comments 08/18 14:02
Row Crops Reverse From Early Highs Tuesday as Profit-Taking Sets In
Row-crop futures were mixed to lower Tuesday, but overall still generally
supported as the market is pricing in lower U.S. corn and soybean yields from
what USDA forecast in last week's Crop Production report but faced
profit-taking after strong rallies over the past week. Meanwhile, wheat futures
headed lower after a shaky session on Monday, with prices shying away from the
next leg higher which would put most active Kansas City futures into the range
of prices not seen since late 2021. Outside markets were mixed on Tuesday with
energy prices mostly firm, crude oil specifically is heading for an eighth
higher session out of the last nine with the 60-day "ceasefire" expiring this
week and President Trump stating that the U.S. and Iran are not currently in
negotiations with no plans to restart. As a result, inflation concerns remain
prevalent with U.S. Treasury yields among their highs in multiple years.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
September corn closed down 1 3/4 cents and December corn was down 1 1/2
cents. September soybeans closed down 1/4 cents and November soybeans were up
3/4 cents. September KC wheat closed down 15 cents, September Chicago wheat was
down 10 1/4 cents, September MIAX Minneapolis wheat was up 1 1/4 cents.
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