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DTN Closing Grain Comments 01/22 13:51
Wheat Leads Corn Higher While Soybean Oil Takes a Breather
Thursday was another quiet session across U.S. crop markets with oilseeds
relaxing following a midweek surge on Wednesday, likely the result of hitting
some technical resistance points on respective charts. Wheat futures recovered
from a sluggish start to the week with Kansas City futures again challenging
upside resistance ahead of a weekend of severe winter weather across the United
States. Outside markets saw equities complete a two-day recovery of Tuesday's
tariff-induced selloff, a common theme through the past year as such value
breaks have been viewed as buying opportunities. Natural gas continues to be
the most compelling outside market, going from three-month price lows to
three-year highs in the course of three trading days, although profit-taking
has since taken the top end out of the rally on Thursday. Crude oil and diesel
prices moved lower on Thursday, influencing a softer soybean oil market as
well.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
March corn closed up 2 1/4 cents and May corn was up 2 1/2 cents. March
soybeans closed down 1/2 cent and May soybeans were up 1 1/4 cents. March KC
wheat closed up 6 cents, March Chicago wheat was up 7 3/4 cents, March MIAX
Minneapolis wheat was up 10 cents.
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