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DTN Closing Grain Comments 08/04 13:49
Row Crops Feeling Seasonal Pressure as Prices Retreat
Row crop futures were unable to build bullish momentum off Monday's reversal
action, with corn, soybeans and wheat all dropping as outside energy weakness
spills into crop markets. For corn and wheat, Tuesday's weakness came despite
another week of declining crop ratings for the former as well as ongoing
turmoil in the Black Sea. At this point, it is apparent that traders are back
to following the typical seasonal roadmap for price action and remain
unconvinced of a long-term supply disruption ahead of the U.S. harvest. In
macro markets, treasury markets were higher and yields lower as inflation
concerns temporarily ease on optimism for a longer-term peace plan in the
Middle East.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
September corn closed down 7 cents and December corn was down 7 cents.
September soybeans closed down 15 cents and November soybeans were down 14 1/2
cents. September KC wheat closed down 10 1/4 cents, September Chicago wheat was
down 12 1/2 cents, September MIAX Minneapolis wheat was down 10 1/2 cents.
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