DTN Closing Grain Comments 06/10 13:54
Crops Steady to Marginally Higher as Tensions Rise in Middle East
Row-crop futures continued to see relief from the barrage of selling over
the last half of May and early June with the soybean complex joining on
Wednesday as well to lead the markets in daily gains. Technical-based buying
was supported by increased military action in the Middle East in recent days
with the U.S. launching retaliatory strikes against Iran on Tuesday and
President Trump stating Wednesday attacks will continue. In macro news,
Wednesday's CPI inflation reading was the highest in three years with the
headline inflation rate moving over 4% annualized. However, the core index
(removing food and energy) reflected a 2.9% annualized inflation rate, much
cooler within the scope of recent history and indicative of how the 2026 energy
shock is the primary driver of consumer cost increases.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
July corn closed down 1/2 cent and December corn was up 1 1/2 cents. July
soybeans closed up 9 1/4 cents and November soybeans were up 6 1/2 cents. July
KC wheat closed down 1/4 cents, July Chicago wheat was up 2 1/4 cents, July
MIAX Minneapolis wheat was up 1/2 cents.
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