DTN Closing Grain Comments 01/22 13:53

DTN Closing Grain Comments 01/22 13:53 Grain Markets Retreat Wednesday on Profit Taking Row crop markets were two sided on Wednesday as corn and soybean futures pressed into new highs for their move before traders stepped in to take profits on long positions. Producer selling likely played a role as deferred corn contracts surpassed the $5.00 mark on May and July contracts, a level which I would imagine was lined with sell target orders. Fundamental drivers were lacking for the most part Wednesday, but the pace looks to pick up later in the week with the release of South American crop updates on Thursday and Friday. Outside markets Wednesday were mixed to slightly negative, with the U.S. Dollar Index overcoming early losses and attempting to reverse higher, while crude oil prices continue to slide as well. Equity markets on the other hand were stronger as the Dow Jones Industrial Average has now reclaimed over half of its losses from the December/early January selloff. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: March corn closed down 5 3/4 cents and May corn was down 5 3/4 cents. March soybeans closed down 11 1/4 cents and May soybeans were down 9 1/2 cents. March KC wheat closed down 3/4 cents, March Chicago wheat was down 4 3/4 cents, March Minneapolis wheat was up 2 cents.