| |
DTN Closing Grain Comments 02/07 13:54
Grain Markets Stumble Into the Weekend Amid Lingering Tariff Concerns
Row crop markets were steadily lower on Friday, closing a week of mostly
sideways price action following a strong start to the week overall. Tariff
concerns continue to be in the back of traders' minds after Reuters reported
early Friday that President Trump is planning "reciprocal" tariff action as
early as next week. Essentially what that means is any country with a tariff on
imports from the U.S. will be met with a matching tariff on U.S. imports from
that given country. Specifics are vague at this point, and there was no
official confirmation, however, just the notion of increased tariffs had equity
markets lower to close the week. Friday's job data was also mixed, with
lower-than-expected job creation in January but also lower-than-expected
unemployment, down to 4%. This added to the inflationary trade which led to a
higher U.S. Dollar and higher treasury yields. Unfortunately for U.S. ag
traders, the bolstering of outside commodities such as gold and crude oil
Friday did not provide much positive influence to grain markets.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
March corn closed down 7 3/4 cents and May corn was down 7 cents. March
soybeans closed down 11 cents and May soybeans were down 10 1/4 cents. March KC
wheat closed down 3 1/4 cents, March Chicago wheat was down 5 cents, March
Minneapolis wheat was down 3/4 cents.
No other Daily email offers as much useful Ag information as DTN Snapshot – Sign up Free today!
|
|
