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DTN Closing Grain Comments 03/18 13:57
Grains Mostly Post Moderate Losses on a Very Quiet, Choppy Tuesday
U.S. row-crop markets for the most part kept with Monday's theme in a quiet
two-sided trade for corn and soybeans Tuesday. Wheat markets were again firmer
early in Tuesday's session, but that strength would fade rapidly through the
last hour of trade after May Kansas City prices briefly achieved a 75%
retracement of losses from the high close on Feb. 18. Meanwhile, U.S. stock
indices are working lower following a two-day reprieve in the midst of one of
the worst two-month stretches for the Dow Jones Industrial Average in recent
memory. Tariff news has turned very quiet at least in comparison to the barrage
of headlines over the previous three weeks; but a cloud of uneasiness remains
over the U.S. economy. The U.S. Dollar Index is also lower Tuesday, again
challenging the lowest level since mid-October.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
May corn closed down 2 1/4 cents and July corn was down 2 cents. May
soybeans closed down 2 3/4 cents and July soybeans were down 2 3/4 cents. May
KC wheat closed up 3/4 cents, May Chicago wheat was down 3 1/2 cents, May
Minneapolis wheat was down 1 cents.
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