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DTN Closing Grain Comments 06/05 13:47
Grains Mostly Lower Again to Close Dismal Week of Price Action
Row crops began the day on a mixed note and it briefly appeared the
onslaught of selling featured this week would subside ahead of the weekend.
However, this proved premature as corn, soy, and wheat futures once again
headed lower through the session, with traders unwilling to look beyond a
favorable June forecast for growing U.S. crops, though KC wheat was able to
rally late to snap an 11-day loss streak. Outside markets also leaned bearish,
with energy markets lower for a second straight session to close an overall
mixed week amid conflicting reports regarding the status of negotiations
between the U.S. and Iran.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
July corn closed down 7 cents and December corn was down 5 3/4 cents. July
soybeans closed down 8 cents and November soybeans were down 4 cents. July KC
wheat closed up 1/2 cents, July Chicago wheat was down 1 3/4 cents, July MIAX
Minneapolis wheat was down 1 1/2 cents.
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