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DTN Closing Grain Comments 02/12 13:48
Corn Prices Stable, Soybeans Lower in Post USDA Trade
Wednesday was a very mixed session as corn and wheat futures found buying
support following price dips Tuesday. Soybeans, however, were quick to break
below chart support following further USDA confirmation Tuesday of what is
still believed to be record-breaking soybean production in South America, with
a good weather outlook also adding to the pressure here midweek. In outside
markets Wednesday, the feature was the release of January Consumer Price Index
data which showed an uptick in inflation to 3% year over year. This had equity
markets down with Treasury yields making sharp jumps higher with the 10-year
note back over 4.6% Wednesday.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
March corn closed up 6 1/4 cents and May corn was up 6 cents. March soybeans
closed down 15 3/4 cents and May soybeans were down 14 1/2 cents. March KC
wheat closed down 1 1/4 cents, March Chicago wheat was down 2 3/4 cents, March
Minneapolis wheat was down 4 1/4 cents.
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