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DTN Closing Grain Comments 07/18 13:41
Wheat Awakens to Lead Row Crops to Strong Weekly Finish
Grain futures rebounded from a shaky Thursday session to roll into the
weekend with strong gains, led by wheat finally catching a bid amid contract
lows to trade double-digits higher for winter varieties. Meanwhile, soybeans
strung together three solid days to close the week, adding over 30 cents of
value to the new-crop November contract from Tuesday's close. Commodity markets
did fade off daily highs as the session wore on Friday, with profit-taking
beginning in energy markets before seeping into agriculture markets by late
morning. After Friday's close, traders will want to tune in for the CFTC's
latest Commitments of Traders Report which will shed light on trader positions
as of Tuesday's close.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
September corn closed up 6 1/2 cents and December corn was up 6 3/4 cents.
August soybeans closed up 6 1/4 cents and November soybeans were up 9 1/4
cents. September KC wheat closed up 11 1/2 cents, September Chicago wheat was
up 12 3/4 cents, September MIAX Minneapolis wheat was up 1/2 cents.
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