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DTN Closing Grain Comments 10/09 13:52
Row-Crop Futures Relax Thursday in Continuation of Choppy Trade
Corn, soy, and wheat prices fell Thursday, erasing gains made through a
generally bullish midweek session Wednesday. Corn and soybean futures hit
technical resistance Thursday, which bullish traders lack the reassurance to
trade through currently with no USDA report this month to back up thoughts
(supported by firmer spreads and basis levels) that the supply and demand
relationship for corn and soybeans is tighter than previously reports have
estimated. Outside markets on Thursday leaned negative, with a firmer U.S.
dollar and lower energy markets weighing on agricultural prices.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed down 3 3/4 cents and March corn was down 3 3/4 cents.
November soybeans closed down 7 1/4 cents and January soybeans were down 5 3/4
cents. December KC wheat closed down 3 1/2 cents, December Chicago wheat was
down 3/4 cents, December MIAX Minneapolis wheat was up 1 1/2 cents.
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