DTN Closing Grain Comments 02/28 14:49

DTN Closing Grain Comments 02/28 14:49 Row Crops Trade Lower Yet Again to Finish With Largest Weekly Losses in Months It was a red day across agricultural futures to finish what has frankly been a week to forget as corn, soybean, and wheat prices all slumped to their largest weekly losses in months in their May contracts. The market to this point can simply not shake this week's onslaught of bearish news, which has in turn sparked massive liquidation among noncommercial ag traders. In outside markets, Friday morning's Personal Consumption Expenditure (PCE) data indeed showed a cooler level of inflation in the economy as compared to earlier metrics in February such as the Consumer Price Index. However, total consumer spending slumped below expectations. Time will tell if the drop off is simply the result of strong spending through the holiday season to end 2024 or if it is indicative of growing consumer concerns about the U.S. economy. Stock indices seemed to reflect this uncertainty on Friday, trading both sides of unchanged throughout most of the session. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: May corn closed down 11 1/2 cents and July corn was down 11 cents. May soybeans closed down 11 1/2 cents and July soybeans were down 12 cents. May KC wheat closed down 12 1/4 cents, May Chicago wheat was down 6 3/4 cents, May Minneapolis wheat was down 7 cents.