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DTN Closing Grain Comments 02/12 13:54
Wheat Jumps Double Digits Thursday; Soybean Rally Marches On
It was a mostly positive session across the board for row-crop futures
Thursday, with soybean futures again leading the way higher on continued trade
optimism ahead of President Trump's upcoming visit to China in April.
Meanwhile, wheat futures have caught a midweek burst, rallying from trendline
support and aided by a strong past few weeks for export sales. This positively
influenced corn futures as well for Thursday, with strong export sales in their
own right. Outside markets were very volatile on Thursday, with no clear macro
news to explain the sharp turn lower in stocks by late morning. Treasuries were
firm again following Wednesday's better than expected jobs data for January.
The U.S. dollar was firm, but energy markets turned lower on U.S. inventory
build-ups in crude and finished motor gasoline last week, and at least a
temporary soothing of supply risk as negotiations between the U.S. and Iran are
planned to continue.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
March corn closed up 3 3/4 cents and May corn was up 5 1/4 cents. March
soybeans closed up 13 1/4 cents and May soybeans were up 12 3/4 cents. March KC
wheat closed up 15 1/2 cents, March Chicago wheat was up 15 1/4 cents, March
MIAX Minneapolis wheat was up 7 1/4 cents.
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