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DTN Closing Grain Comments 07/28 13:58
Corn and Soybeans Recover Slightly Tuesday on Drop in USDA Crop Ratings
Row-crop futures attempted to recover lost ground after Monday's
energy-inspired rout with bullish confidence reassured by sizeable cuts to
corn, soybean, and spring wheat conditions in the U.S. by USDA on Monday
afternoon. However, weather forecasts have shifted to be somewhat less
concerning in the 6- to 10-day outlook, featuring cooling Grain Belt
temperatures and rainfall now in the forecast for this week from western
Indiana to eastern Nebraska and South Dakota. Outside markets again leaned
bearish with crude oil futures down sharply for a third straight day as Iran
holds negotiations with Saudi Arabia and Oman regarding the future management
of the Strait of Hormuz. Treasury yields have relaxed on easing inflation
concerns, taking the U.S. Dollar Index lower as well, though the latter still
hovers just below 2026 highs.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
September corn closed up 6 3/4 cents and December corn was up 6 1/2 cents.
August soybeans closed up 3 1/2 cents and November soybeans were up 6 1/4
cents. September KC wheat closed down 2 3/4 cents, September Chicago wheat was
up 2 1/2 cents, September MIAX Minneapolis wheat was down 3 3/4 cents.
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