DTN Closing Grain Comments 01/21 13:52

DTN Closing Grain Comments 01/21 13:52 Grain Markets Firm as President Trump Puts Off Tariffs For Now Ag markets were very strong out of the gate Tuesday, led higher by soybean and wheat futures with the former finding strength following President Trump's decision to forego implementing new tariffs during his first day in office Monday, although the president did set a tentative date of Feb. 1 for tariffs on Mexico and Canada, while refusing to give a timeline regarding any action against China. This combined with last week's CPI data which singled out energy costs as an inflation driver, had crude oil prices breaking following Trump's pro-drilling statements. All in all, this has halted inflation fears at least for the moment, with the U.S. dollar breaking hard toward 30-day lows, which in turn supported wheat futures on their way to their highest prices in over a month. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: March corn closed up 5 3/4 cents and May corn was up 6 3/4 cents. March soybeans closed up 33 1/4 cents and May soybeans were up 33 cents. March KC wheat closed up 27 cents, March Chicago wheat was up 20 cents, March Minneapolis wheat was up 21 cents.