DTN Closing Grain Comments 11/10 14:34
USDA Reverses on Corn Yield Again as Bullish Reports Send Prices Higher
I had speculated in recent comments if Tuesday's USDA reports could be the
spark that bullish traders are looking for to regain some confidence following
the steady price declines seen over the past two months. This would appear to
be the case at least for Tuesday's session, as bullish reports sent corn and
soybean prices sharply higher. Outside markets for Tuesday traded a
hotter-than-expected Consumer Price Index report released by the Bureau of
Labor Statistics on Tuesday morning, with the U.S. dollar firm in anticipation
of increased U.S. interest rates to combat steady inflation. This may have
played a slight role in pressuring row crop futures off of session highs, which
was especially prevalent in wheat futures.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed up 9 3/4 cents and March corn was up 9 1/4 cents.
January soybeans closed up 39 3/4 cents and March soybeans were up 39 1/2
cents. December KC wheat closed up 1 3/4 cents, December Chicago wheat was up 4
3/4 cents, December MIAX Minneapolis wheat was up 6 1/2 cents.
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