DTN Closing Grain Comments 01/29 13:54
29 Jan 2025
DTN Closing Grain Comments 01/29 13:54 Row-Crop Markets Post Strong Bounce in Midweek Reversal Row-crop markets led the ag complex higher Wednesday, with corn and wheat markets leading the way, while soybean markets also posted a double-digit move higher. Following an early week test of chart support, grain markets were able to find follow-through buying Wednesday to again challenge last week's highs for nearby corn and wheat futures. Outside market influence was again mixed with equity markets lower and the U.S. dollar higher. Although notably the Brazilian real continues to strengthen versus the U.S. dollar after a very weak 2024, reaching its highest point Wednesday since late November. The Brazilian real is highly positively correlated with U.S. soybean futures. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: March corn closed up 11 3/4 cents and May corn was up 11 1/2 cents. March soybeans closed up 15 1/2 cents and May soybeans were up 15 3/4 cents. March KC wheat closed up 19 1/4 cents, March Chicago wheat was up 17 1/4 cents, March Minneapolis wheat was up 16 cents.