DTN Closing Grain Comments 05/20 13:45
Tuesday Trade Sees Wheat Extend Gains, Support Corn Futures
U.S. ag markets were mostly higher Tuesday, led again by wheat futures which
posted a fifth day higher in the past six for the July Kansas City contract.
Corn futures were supported by the strength in wheat despite Monday's planting
report from USDA confirming corn plantings in the U.S. still sit ahead of the
average pace for mid-May. Soybean futures were quiet but are struggling to
regain momentum following last week's biofuel-related selloff, although July
prices did manage a second day higher to start the week. Outside markets leaned
mostly positive to agriculture on Tuesday with crude oil futures attempting a
third straight session higher while the U.S. dollar remains under pressure
following Moody's downgrade of the United States' credit rating on Monday.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
July corn closed up 7 cents and December corn was up 6 3/4 cents. July
soybeans closed up 2 1/4 cents and November soybeans were up 4 cents. July KC
wheat closed up 13 1/2 cents, July Chicago wheat was up 17 cents, July MIAX
Minneapolis wheat was up 12 1/4 cents.
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