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DTN Closing Grain Comments 03/21 13:44
Row Crops Start to Acknowledge Problem
The May contract of corn was up 4 3/4 cents and May soybeans were up 4 1/2
cents, both finally showing slight acknowledgement of this month's flooding
problems and concerns about the upcoming planting season. Winter wheat posted
small gains even though the June U.S. dollar index reversed Wednesday's loss
and is trading higher.
May corn finished up ¼ of a cent, May beans up 2 cents, and May wheat up 8 1/4 cents. Dovish comments by the Fed were the biggest news around the trade today. The weaker dollar helped wheat find some more support that created some buying that spilled over into corn and beans. Headlines about a trade deal coming along nicely according to President Trump didn’t bring out buyers. The news is old and the market is tired of it. Today was the 7th consecutive day with no daily export sale announced and the bearish impact seemed to be limited due to the rally in wheat. According to Reuters the US producer has found some company in the Argentine farmer who is not marketing what is expected to be a 55MMT soybean crop because the Chicago board is too low. Managed money shorts, no export announcements, and delays regarding the trade deal are weighing on prices and farmers continue holding out for good (read bullish) news.