DTN Closing Grain Comments 10/22 13:44
22 Oct 2024
DTN Closing Grain Comments 10/22 13:44 Grain Futures Find Buying Interest, Look to Challenge Chart Resistance Grain markets built off Monday's strong start to the week with another positive session Tuesday, which was led by soybeans posting back-to-back double-digit higher sessions. Despite fundamentals remaining bearish, markets have found technical support and for now it appears the supply woes of late summer and early fall are fully priced in. Now the market begins its next task of finding fair value for these large supplies but also very large demand prospects. I expect this may result in choppy trade moving forward as the market sorts out the 2024 U.S. harvest and looks ahead to South American harvest in 2025. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: December corn closed up 7 cents and March corn was up 6 cents. November soybeans closed up 10 3/4 cents and March soybeans were up 10 1/2 cents. December KC wheat closed up 4 1/4 cents, December Chicago wheat was up 3 3/4 cents and December Minneapolis wheat was up 2 3/4 cents.