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DTN Closing Grain Comments 07/30 14:01
Wheat Rises Thursday on Black Sea Strikes; Corn and Soy Await Weather
Corn and soybean futures turned quiet Thursday with traders having removed a
sizeable chunk of weather risk premium from prices this week ahead of what is
seen as a more favorable forecast across the U.S. Grain Belt for early August
after a hot and dry July in many regions. Wheat futures, on the other hand,
rose driven by further reports of port attacks in the Black Sea this week as
well as technical buying after five straight sessions lower, although U.S.
futures finished well below daily highs by the close. In macroeconomic news on
Thursday, the Personal Consumption Expenditure Index showed cooling inflation
for June during the temporary ceasefire in the Middle East and resulting easing
energy prices. Second quarter U.S. GDP was also reported lower than expected at
a 1.5% annualized growth, down from 2.1% in the first quarter of 2026.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
September corn closed down 3 1/4 cents and December corn was down 3 1/4
cents. September soybeans closed down 3 3/4 cents and November soybeans were
down 4 cents. September KC wheat closed up 5 1/4 cents, September Chicago wheat
was up 2 3/4 cents, September MIAX Minneapolis wheat was up 6 1/2 cents.
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