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DTN Closing Grain Comments 07/02 13:40
Trade Optimism, Technical Support Boost Ag Markets on Wednesday
Grain and oilseed markets again reversed impressively off overnight lows
Wednesday to push higher by the close. Soybeans led the charge, finding
strength on a couple different fronts. First, tight U.S. soybean oil stocks
confirmed in Tuesday's Fats and Oils report from USDA led to a gap higher in
soybean oil futures. Markets furthered their gains when the Trump
administration announced a trade deal had been reached with Vietnam,
consistently a top 10 buyer of U.S. ag products. Meanwhile outside markets were
mixed as investors watch for news on the budget bill progress in the House
ahead of the July 4 goal for signing into law. Energy markets were mostly
positive despite Wednesday's Petroleum Status report showing a weekly and
yearly stocks build in crude oil as well as finished motor gasoline.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
September corn closed up 12 cents and December corn was up 11 1/2 cents.
August soybeans closed up 23 3/4 cents and November soybeans were up 20 3/4
cents. September KC wheat closed up 11 cents, September Chicago wheat was up 15
cents, September MIAX Minneapolis wheat was up 20 1/2 cents.
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