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DTN Closing Grain Comments 11/05 13:49
Row Crops Return to Higher Price Action as China Confirms Tariff Reductions
Crop futures recovered from Tuesday's profit-taking session to trade
moderately higher, fueled by confirmation out of Beijing that tariffs will in
fact be greatly reduced. Though reports that U.S. soybeans will remain subject
to a 13% duty caused a bit of a stir in analyst circles, the market largely
ignored this caveat for Wednesday's session, discussed in further detail below.
In outside markets, softer energy markets were a bit of a headwind for grain
and oilseed futures, while the U.S. Dollar Index has shown signs of a potential
top near 3-month highs after five consecutive days higher. Equity markets were
firm, snapping a 2-day skid after ADP reported strong payroll totals in a
Wednesday morning report.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed up 3 3/4 cents and March corn was up 4 3/4 cents.
January soybeans closed up 12 3/4 cents and March soybeans were up 14 1/4
cents. December KC wheat closed up 3 1/2 cents, December Chicago wheat was up 4
1/2 cents, December MIAX Minneapolis wheat was down 1 cent.
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