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DTN Closing Grain Comments 09/15 13:43
Soybeans Climb Back as Grains Chop in Quiet Tuesday Session
Row crop futures were largely mixed on Tuesday with grains bouncing from
early lows but unable to sustain much in the way of bullish momentum with the
early stages of U.S. harvest now underway primarily in the southern growing
regions. Soybeans headed higher for a second straight session, likely driven by
technical buying after Friday's 36-cent drop for the November board, as well as
demand optimism ahead of China's President Xi's visit to Washington, now less
than 10 days away. Energy markets were firm again on Tuesday, with diesel
futures racing to new record highs and shaking off Monday's weakness which came
following President Trump's social media post stating that Ukraine and Russia
had agreed to cease attacks on energy sites. However, more strikes were noted
over the past 24 hours, with Ukraine hitting a southern Russia oil refinery as
well.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed up 2 1/2 cents and March corn was up 2 1/4 cents.
November soybeans closed up 14 1/2 cents and January soybeans were up 15 cents.
December KC wheat closed up 3 3/4 cents, December Chicago wheat was up 6 1/2
cents, December MIAX Minneapolis wheat was up 12 1/4 cents.
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