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DTN Closing Grain Comments 10/27 13:51
Crop Selloff Continues as US Harvests Advance
Soybean futures were unable to sustain an early Tuesday bounce following
Monday's macro-inspired selloff, with most row crop futures lower as a general
bearish cloud remains over markets. Slightly lower energy prices were also a
source of weakness for grains on Tuesday. Overall, the market is also suffering
from a lack of news to break prices out of their recent lower trends. Without a
spark, the safe bet for traders is to continue the length liquidation seen over
the past two months with buyers currently not wanting to risk "catching a
falling knife." In other macro news, the U.S. dollar has moved higher for three
straight sessions and remains among 2026 highs and also a source of pressure to
export sensitive Ag markets.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed down 6 1/4 cents and March corn was down 6 cents.
November soybeans closed down 12 cents and January soybeans were down 9 1/2
cents. December KC wheat closed down 8 1/2 cents, December Chicago wheat was
down 5 3/4 cents, December MIAX Minneapolis wheat was down 5 1/2 cents.
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