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DTN Closing Grain Comments 11/13 13:47
Crops Rally Friday, Technical Sellers Active At Highs
Row crop futures found a renewed burst of bullish momentum early Friday,
overcoming sluggish mid-week price action to move back towards a test of weekly
highs. A solid round of export sales data certainly helped, especially amid
pressure this week from the surging U.S. dollar, which moved higher for a
fourth consecutive day on Friday to another new 2026 high. Energy markets were
higher early Friday, before fading in a relatively quiet session. Meanwhile,
optimism for a U.S.-Iran deal has again waned, with Iran targeting a U.S.
military facility in Bahrain early Friday -- the first such attack in two
months as the conflict appears on the brink of escalation once again. Looking
ahead, markets are likely to maintain an increased focus on demand for U.S.
crops now that supplies are known within a fairly reasonable degree of
confidence. Attention will also turn southward, with Brazil's soybean growing
season well underway.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed up 3 cents and March corn was up 2 cents. January
soybeans closed up 12 1/2 cents and March soybeans were up 12 1/4 cents.
December KC wheat closed up 6 1/2 cents, December Chicago wheat was up 9 cents,
December MIAX Minneapolis wheat was up 4 cents.
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