DTN Closing Grain Comments 08/28 13:58
Crop Futures End Bullish Week on High Note
Wheat futures once again led markets higher Friday with supply fears amid
the Black Sea bottleneck hitting a fever pitch this week with most-active
December Kansas City futures rallying 72 cents through the week. Corn and
soybeans were no exception with another strong round of flash sales announced
by USDA propelling the latter to another double-digit higher finish. Overall,
it was an exceptionally bullish week for crop futures with currently few
bearish arguments to make other than such price action is very rare to hold
into the fall months as U.S. harvest gets rolling. In macroeconomic news, Fed
Chair Walsh held a press conference from Jackson Hole on Friday with mildly
hawkish comments that the Fed may "have work to do" in fighting inflation.
Crude oil futures were quiet with little clear news out of the conflict in the
Middle East which hit the six-month market Friday.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
September corn closed up 1 3/4 cents and December corn was up 3 cents.
September soybeans closed up 19 3/4 cents and November soybeans were up 20
cents. September KC wheat closed up 24 1/4 cents, September Chicago wheat was
up 24 1/4 cents, September MIAX Minneapolis wheat was up 12 1/2 cents.
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