DTN Closing Grain Comments 06/02 13:47
Row-Crop Futures Fall as Seasonal Selloff Continues
For Tuesday, bearish traders kept their grip on the market, seeing the
favorable early growing conditions and decent crop ratings from USDA on Monday
as reason enough to bail out of long positions and betting on prices grinding
lower through the summer months. Outside market influence has gone largely
ignored through the week thus far, with President Trump stating that talks with
Iran are ongoing despite reports to the contrary on Monday. Crude oil (and
other energy futures) turned higher again on Tuesday as the situation in the
Persian Gulf remains murky. Equity markets are unbothered by geopolitics with
the S&P500 charging to new records this week and driven by yet another
AI-related rally.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
July corn closed down 3 1/2 cents and December corn was down 6 cents. July
soybeans closed down 15 1/2 cents and November soybeans were down 11 cents.
July KC wheat closed down 12 1/4 cents, July Chicago wheat was down 5 3/4
cents, July MIAX Minneapolis wheat was down 15 cents.
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