DTN Closing Grain Comments 01/17 13:55

DTN Closing Grain Comments 01/17 13:55 Ag Markets Rally Ahead of Inauguration, Shortened Trading Week Ag markets were able to undo some of the losses set through Thursday's trade with a mostly firm session to close the week, led by corn futures which made technical gains to trade to the highest level for front-month futures since mid-December 2023. Weather outlook out of South America is mixed for the moment with models disagreeing on how much precipitation dry Argentine growing areas will receive through the next couple weeks. The market will also prepare for the first day of the Trump administration on Monday, which could include a flurry of executive orders. Corn and soy markets benefitted in part from reports that President-elect Trump and Chinese President Xi held a phone call to discuss trade and other issues on Friday morning. Markets are closed Monday in observance of Martin Luther King Jr. Day, which could potentially lead to an explosive reopening Monday evening depending on President Trump's actions, specifically in regard to trade and biofuels on the first day of his second term. Outside market influence leaned mostly positive to close the week with the Dow Jones Industrial Average surging another 500 points in further retracement of losses since early December. Interest rates also eased slightly, although the U.S. Dollar Index is working to snap a three-day loss streak. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: March corn closed up 9 3/4 cents and May corn was up 10 cents. March soybeans closed up 15 cents and May soybeans were up 13 1/4 cents. March KC wheat closed up 1/4 cents, March Chicago wheat was up 1 1/4 cents, March Minneapolis wheat was up 2 cents.