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DTN Closing Grain Comments 05/08 13:46
U.S., Iran Exchange Strikes, Send Row Crops To Week Ending Recovery
Despite President Trump stating on Thursday that the now almost month-old
cease-fire with Iran remains in effect, the U.S. and Iran reportedly launched a
series of attacks on Friday, with the U.S. striking two empty Iranian oil
tankers. Crude oil futures were relatively muted in response, though WTI
futures appear on pace to snap a three-day lower streak, the first such
occurrence since the war began in late February. Otherwise, soybean futures led
row crops to close the week, with traders likely inspired by Thursday's bounce
from technical support ahead of President Trump's pivotal visit to China, now
just a week away. Corn and wheat markets followed suit in an overall day of
recovery after sharp moves lower through mid-week.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
July corn closed up 3 3/4 cents and December corn was up 4 cents. July
soybeans closed up 15 3/4 cents and November soybeans were up 16 cents. July KC
wheat closed up 8 1/2 cents, July Chicago wheat was up 6 3/4 cents and July
MIAX Minneapolis wheat was up 4 3/4 cents.
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