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DTN Closing Grain Comments 07/11 14:24
Traders Express Disbelief That US Production Cuts Will Hold in 2025
The market feature for Friday was the release of the July WASDE and Crop
Production report from USDA. The report came in mostly in line with trader and
analyst expectations with a few curveballs from the government. Overall,
despite some of the estimates certainly having a bullish twist, market reaction
was one of intense skepticism especially regarding the lower production
estimates from USDA for the 2025 U.S. corn and soybean crops amid the rainy
forecast for mid to late June. Moving forward, it will be a very interesting
dynamic to watch the ongoing bearish weather trade go up against long-term
support as row crops trade among and in a few instances beyond their 2025 lows
into mid-summer.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
September corn closed down 3 1/4 cents and December corn was down 4 1/4
cents. August soybeans closed down 8 1/4 cents and November soybeans were down
6 1/2 cents. September KC wheat closed down 10 1/2 cents, September Chicago
wheat was down 9 1/2 cents, September MIAX Minneapolis wheat was down 18 cents.
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