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DTN Closing Grain Comments 07/20 13:48
Soybeans Soar to New Highs on Rising Demand, Concerning Weather Outlook
Monday
Corn and soybean futures gapped higher to begin the new week for the second
straight week with traders having ample bullish points to choose from to
justify a sustained buying spree. First and foremost is the two-week weather
forecast with above-average temperatures still prevalent other than a few-day
reprieve toward the end of the business week. Rainfall over this period also
looks less than ideal in many areas for corn pollination especially but also
for pod setting and early filling in soybeans as well. Geopolitical situations
lean very bullish as well with the U.S. carrying out strikes against Iran for
nine consecutive days and little news of a restart in negotiations, though
regional mediators are reportedly scrambling to do so. In the Black Sea, the
Kerch Strait into the Sea of Azov remains closed off to Russian wheat exports
and attacks on regional shipping infrastructure remain elevated.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
September corn closed up 4 3/4 cents and December corn was up 5 1/2 cents.
August soybeans closed up 21 1/2 cents and November soybeans were up 23 1/4
cents. September KC wheat closed down 8 1/2 cents, September Chicago wheat was
down 8 3/4 cents, September MIAX Minneapolis wheat was up 1/2 cents.
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