DTN Closing Grain Comments 01/14 13:48
14 Jan 2025
DTN Closing Grain Comments 01/14 13:48 Grain Markets Correct Slightly Tuesday Following Two Sharp Days Higher Ag markets had become very technically over-bought in the short term following Friday's USDA release, with March soybeans moving north of 50 cents higher and March corn over 20 cents higher in just two sessions. Given these rapid jumps it is not surprising to see the market take a breather as both markets are attempting to sort out what is fair value for the commodity given the now-tighter U.S. balance sheets, but uncertainty on the world stage. Outside market influence was also mostly negative Tuesday, with equity markets continuing to drift lower and interest rates higher. Although the U.S. Dollar Index did work to snap a five-day positive streak. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: March corn closed down 2 cents and May corn was down 2 cents. March soybeans closed down 5 1/2 cents and May soybeans were down 5 1/4 cents. March KC wheat closed down 1/4 cents, March Chicago wheat was up 1 1/4 cents, March Minneapolis wheat was down 4 cents.