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DTN Closing Grain Comments 06/20 13:50
Traders Remove Risk Premium From Prices Ahead of Weekend
Row-crop markets were mostly lower across the board as traders returned from
the holiday break ready to square positions and book profits heading into the
weekend. It wasn't too surprising to see this given the strong rally in wheat
prices on Wednesday and the volatile nature of weather-driven trade. Friday
also supported the theory that early week gains in corn prices were primarily
due to borrowed strength from the wheat market. In outside markets, investors
and traders are still expressing uncertainty as to the ongoing conflict between
Israel and Iran. Crude oil prices had been higher early Friday but fell off
amid meetings between Iranian and European officials in search of a solution.
Meanwhile, Israeli officials have indicated a "prolonged campaign" is possible
and President Trump has signaled he will decide whether the U.S. will strike
against Iran within the next two weeks, an added layer of uncertainty in the
eyes of the market.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
July corn closed down 4 3/4 cents and December corn was down 2 3/4 cents.
July soybeans closed down 6 3/4 cents and November soybeans were down 7 1/2
cents. July KC wheat closed down 8 cents, July Chicago wheat was down 6 1/2
cents, July MIAX Minneapolis wheat was down 7 1/2 cents.
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