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DTN Closing Grain Comments 11/05 13:39
Grain Markets Cautiously Higher on Election Day
Grain markets continued their modest gains into Tuesday, with soybeans
leading the way higher. This week's break in the U.S. Dollar Index is giving
strength to ag commodities. Overall trader sentiment appears to be biased
toward a reduction in U.S. production estimates for corn and soybeans, likely
stemming from late-season dryness experienced in much of the Midwest. U.S. corn
and soybean harvests both reported over 90% complete and running ahead of their
respective 5-year average pace for the first week of November, will add an
extra feeling of accuracy to the USDA's estimates on Friday given the more
complete field data they'll have to work with.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
December corn closed up 2 cents and March corn was up 2 cents. January
soybeans closed up 4 1/2 cents and March soybeans were up 3 cents. December KC
wheat closed up 5 3/4 cents, December Chicago wheat was up 3 3/4 cents and
December Minneapolis wheat was up 4 1/2 cents.
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