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DTN Closing Grain Comments 07/07 14:22
Monday Woes Continue for Grain Markets With Post-Holiday Plunge
Another Monday, another very ugly day for price action across grain futures
as traders came back from the Independence Day break eager to add short
positions to their portfolios. In fact, September corn futures haven't opened a
trading week with a positive session since May 19, while August soybean futures
have also traded lower in five out of the past six Monday sessions. Traders
were clearly frustrated that the most recent wave of trade optimism following
the agreement with Vietnam last week didn't amount to further ag-centric
announcements from President Trump. Meanwhile, growing season weather is
friendly and market seasonality is firmly against prices at this point. Ag
markets were not alone in expressing tariff- and trade-related nervousness, as
stock indices fell on Monday as well ahead of the July 9 tariff deadline,
although it is appearing likely the deadline will be extended in some cases.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
September corn closed down 16 3/4 cents and December corn was down 16 1/4
cents. August soybeans closed down 24 cents and November soybeans were down 28
1/2 cents. September KC wheat closed down 8 1/2 cents, September Chicago wheat
was down 8 1/4 cents, September MIAX Minneapolis wheat was down 10 cents.
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