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DTN Closing Grain Comments 06/23 13:51
Wheat Falls Hard Tuesday, Drags Corn Lower While Soy Floats
Another week of mostly steady crop ratings from USDA kept the lid on price
potential for Tuesday, while corn was primarily bearishly influenced from
another double-digit lower session for wheat futures, with traders unconcerned
over bullish weekly storylines such as intense heat across Europe over the next
two weeks. Soybean futures held steady, supported by recent export sales to
China but feeling no shortage of supply currently, with ample old crop reserves
and decent conditions for the growing U.S. crop. Outside energy markets were
again lower and heading for an eighth straight down day, barring a turnaround.
Traffic through the Strait of Hormuz has slowly ramped up through June, and the
U.S. lifting sanctions on Iranian oil exports has traders expecting supply
relief in the coming weeks and months.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
July corn closed down 1 3/4 cents and December corn was down 2 1/4 cents.
July soybeans closed up 1 1/4 cents and November soybeans were up 1/4 cent.
July KC wheat closed down 15 1/4 cents, July Chicago wheat was down 10 3/4
cents and July MIAX Minneapolis wheat was down 24 3/4 cents.
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