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DTN Closing Grain Comments 04/21 15:11
Crop Markets Sluggish on Monday Following Long Weekend
It was another slow session for U.S. ag markets to begin the new week, with
relatively low volume behind the trade as corn and soy continue to stall at
chart resistance. Wheat markets are quickly retreating back toward long-term
support on Kansas City futures, with decent rainfall across the Southern Plains
and the forecast for more chances over the next two weeks being the main source
of pressure to wheat prices. In outside markets, following a brief period of
stabilization, stock indices have turned heavily downward over the past three
sessions as President Trump has voiced his displeasure with Fed Chair Jerome
Powell's monetary policy in recent days, leading to unease among investors. The
U.S Dollar Index made a new low for its move Monday morning, hitting its lowest
level since March of 2022. Meanwhile, gold futures surged to fresh all-time
highs amid vast uncertainty in markets.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
May corn closed down 1/2 cents and December corn was down 1 1/2 cents. May
soybeans closed down 7 cents and November soybeans were down 6 3/4 cents. May
KC wheat closed down 6 3/4 cents, May Chicago wheat was down 10 1/4 cents, May
Minneapolis wheat was down 6 1/4 cents.
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