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DTN Closing Grain Comments 11/09 14:51
Row Crop Futures Quietly Lower Ahead of USDA Tuesday
Row crop futures posted slight losses on Monday, still struggling to break
the recent pattern of bearish momentum. For soybeans, what began as a promising
session saw renewed selling as the day wore on, sending January futures well
below early highs by the close. Corn followed suit, setting another round of
new lows for the fall selloff and closing in on a full retracement to late June
lows. Wheat futures (with the exception of Minneapolis spring wheat) traded
lower in what is likely to be subdued trade ahead of this weekend's Black Sea
war negotiations in Abu Dhabi, and to be mediated by the United States. Outside
energy futures were a headwind for row crops to start the week, with crude oil
back toward last week's lows on an uptick in optimism for diplomacy in the
Middle East after President Trump said on Sunday that he did not think further
U.S. strikes on Iran would be necessary.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed down 2 1/4 cents and March corn was down 3 cents.
January soybeans closed down 5 1/2 cents and March soybeans were down 4 1/4
cents. December KC wheat closed unchanged, December Chicago wheat was down 3
1/4 cents, December MIAX Minneapolis wheat was up 6 1/4 cents.
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