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DTN Closing Grain Comments 01/14 14:16
Crop Prices Inch Higher as Bargain Buyers Show Interest
Corn, soybean, and wheat futures were all higher Wednesday, with speculators
and long-side hedgers likely both seeing opportunity to lock in purchases
following the early week, post-USDA price drop. However, upside momentum
remained very limited as trading volumes eased following Monday's report day
spike. Outside markets Wednesday were supportive as well, as we continue to see
a rush to outside commodities this week, such as gold and silver, which have
moved once again to new records. Equity markets are softer through the middle
of the week on a flow of money from stocks (specifically the tech sector) into
commodities. The energy market was firm early in Wednesday's trade, with crude
oil futures hitting two and a half month highs on geopolitical risk,
specifically ongoing turmoil in Iran, although prices eventually reversed lower
likely on profit-taking as well as larger week-on-week crude inventories in the
weekly EIA Petroleum Status report.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
March corn closed up 2 1/4 cents and May corn was up 2 cents. March soybeans
closed up 3 3/4 cents and May soybeans were up 3 cents. March KC wheat closed
up 2 3/4 cents, March Chicago wheat was up 2 cents, March MIAX Minneapolis
wheat was up 1/2 cents.
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