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DTN Closing Grain Comments 10/28 14:12
Wheat Selloff Hits 10 Straight Sessions as Corn Manages Modest Recovery
Row crop futures were mixed on Wednesday in what was a very quiet session
for the trade. Corn and soybean futures are challenging long-term chart support
this week, as the former found some interest from buyers at midweek. Wheat
futures continued lower, adding to a historic selloff over the past two months,
but were able to close about a nickel above daily lows. Energy markets were
firm on Wednesday on risks of renewed U.S. strikes on Iran after the midterm
elections in early November. There was also another reported ship attack on the
Bulgarian coast in the Black Sea on Wednesday. In macroeconomic news, the
Federal Reserve voted on Wednesday to hold interest rates steady, which was
widely expected to be the case. The next meeting is in December in which the
market is expecting another quarter point rate hike.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed up 3 cents and March corn was up 2 1/4 cents. January
soybeans closed down 5 cents and March soybeans were down 5 3/4 cents. December
KC wheat closed down 7 1/2 cents, December Chicago wheat was down 11 1/4 cents,
December MIAX Minneapolis wheat was down 8 3/4 cents.
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