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DTN Closing Grain Comments 08/14 13:48
Wheat Explodes Friday on Escalating Black Sea Attacks; Corn and Soybeans Firm
With no end in sight for the ongoing war and reciprocal attacks on vessels
and port grain terminals between Russia and Ukraine, wheat markets soared again
Friday, led by Kansas City. News that Ukraine struck a Russian port in the
Baltic Sea further exacerbated export woes for Russia. December corn futures
rebounded from Thursday weakness after testing and surviving a challenge of key
moving averages as corn demand remains stellar. Soybeans and products were
mildly higher, feeling pressure from the bearish weather pattern, but gaining
strength from rising export demand.
Dana Mantini
Senior Market Analyst
GENERAL COMMENTS:
December corn closed up 11 1/4 cents per bushel at $4.83 1/4 and March
closed up 11 1/4 cents per bushel at $4.99 and November soybeans closed up 10
1/4 cents at $11.92 1/2 and January soybeans were up 10 cents at $12.07 3/4.
December KC wheat closed up 33 cents at $7.67 3/4, September Chicago wheat was
up 22 cents at $6.74 3/4 and December MIAX wheat was up 0.12 cents at $7.0575.
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