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DTN Closing Grain Comments 04/28 13:53
Wheat Prices Plummet, Corn and Soy Attract Buyers Amid Daily Lows Monday
Row-crop prices were lower to start the new week, although corn and soybean
futures found support by midmorning and were able to recover most of their
losses. Wheat futures continue to be a popular short among traders, as Kansas
City and Chicago July contracts sank to new contract lows Monday. The early
weakness in corn and soybean futures can likely at least be partially
attributed to conflicting reports regarding the state of trade negotiations
between the U.S. and China. Outside markets were quiet and mixed for Monday as
stock indices are very close to a complete recovery of losses stemming from the
April 2 through April 7 tariff rout. This week is a big tech sector earnings
week, which may give investors some distraction from trade-related headlines
but will also undoubtedly offer insight into the effects of tariffs thus far
through 2025. The U.S. dollar also edged lower Monday, perhaps offering some
midday support to corn and soybean markets, although wheat futures have largely
ignored any outside market signals through their two-week selloff.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
July corn closed down 2 1/4 cents and December corn was down 5 1/2 cents.
July soybeans closed up 3 1/4 cents and November soybeans were down 1/4 cents.
July KC wheat closed down 11 1/4 cents, July Chicago wheat was down 14 cents,
July Minneapolis wheat was down 9 1/2 cents.
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