| |
DTN Closing Grain Comments 09/04 13:55
Quiet Ending to Week With Holiday Volume Behind Trade
Row crop futures were marginally lower to close the week, but with minimal
damage being done from a technical standpoint with many traders likely calling
it an extended weekend with markets closed on Monday for the Labor Day holiday.
Outside markets were quiet as well, with crude oil futures recovering from
early lows and still hanging just below three-month highs following this week's
escalation in the U.S.-Iran war. Diesel prices have also attracted a high
degree of attention this week after hitting all-time highs, though futures have
retreated on technical pressure to close the week. In macroeconomic news,
Friday's Employment report came in much stronger than expected with 162,000
jobs added in August. This lifted treasury yields as well as the U.S. dollar,
the latter which had fallen sharply on Thursday -- erasing the previous week's
gains and back among the lowest reading in three months.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed down 4 cents and March corn was down 3 3/4 cents.
November soybeans closed down 6 1/2 cents and January soybeans were down 6 1/2
cents. December KC wheat closed down 13 1/4 cents, December Chicago wheat was
down 20 1/4 cents, December MIAX Minneapolis wheat was down 20 1/2 cents.
For more free DTN information sent right to your email each morning - click here to sign up for DTN Snapshot.
|
|
