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DTN Closing Grain Comments 10/20 13:43
Soybeans Extend Bounce on Weekend US-China Trade Negotiations
Grain markets were sluggish to begin the new week with corn and wheat
futures both hitting chart resistance in their path to higher prices.
Meanwhile, the soybean complex moved firmly higher again to open the week
following a weekend agreement between U.S. and Chinese officials to reopen the
dialogue on trade, with more talks planned for later this week ahead of the
meeting between President's Trump and Xi at the end of the month. The trade
optimism was alive in outside markets as well, with equities higher. However,
lower energy markets continue to serve as a headwind to agricultural
commodities, with crude oil falling ever closer to the May low to start the
week.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed up 3/4 cents and March corn was up 1/2 cents. November
soybeans closed up 12 1/4 cents and January soybeans were up 13 1/4 cents.
December KC wheat closed down 1 1/2 cents, December Chicago wheat was up 1
cent, December MIAX Minneapolis wheat was unchanged.
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