DTN Closing Grain Comments 11/19 13:42
19 Nov 2024
DTN Closing Grain Comments 11/19 13:42 Grain Markets Mixed as Prices Hit Technical Resistance Trade volume continued its steady decline Tuesday as the grain and oilseed markets' two-day price rally hit chart resistance. Currently the wheat market is the only one among the big three that has substantial fundamental backing in the form of Russian/Ukraine conflict escalation; but even that story has already begun to feel a little stale as wheat markets also failed to overcome technical resistance Tuesday. Outside market influence was also mixed Tuesday, with the U.S. Dollar Index trading both sides of even, while crude oil has moved slightly higher following a big day Monday on Black Sea concerns. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: December corn closed down 2 cents and March corn was down 2 cents. January soybeans closed down 11 1/4 cents and March soybeans were down 10 1/2 cents. March KC wheat closed up 2 1/2 cents, March Chicago wheat was up 2 cents and March Minneapolis wheat was up 1 cent.