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DTN Closing Grain Comments 07/03 13:52
Corn and Soybeans Higher, Wheat Lower as Row Crops Fade From Daily Highs
Ahead of Holiday
Grain and oilseed markets were mixed to mostly positive on Thursday. Markets
closed moderately below daily highs amid technical resistance ahead of the long
weekend, with traders not quite willing to extend bullish price bets to the
next level with the nearby weather outlook still appearing mostly favorable for
growing crops. At this point, the rally is primarily driven by short covering
ahead of the holiday break, with no significant changes to the underlying
fundamental picture for row crop markets. Meanwhile, investors and traders
spent the session awaiting the final House of Representative vote on the 2025
Budget bill. The final vote was delayed but eventually the bill did pass just
minutes after the close of trade for Thursday, sending the legislation to
President Trump's desk by Independence Day.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
September corn closed up 2 1/4 cents and December corn was up 3 1/2 cents.
August soybeans closed up 2 cents and November soybeans were up 1 1/4 cents.
September KC wheat closed down 6 1/4 cents, September Chicago wheat was down 7
1/4 cents, September MIAX Minneapolis wheat was down 1 3/4 cents.
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