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DTN Closing Grain Comments 04/23 13:51
White House Trade Comments Boost Soybeans While Wheat and Corn Remain Under
Pressure
President Trump said on Tuesday afternoon that the extremely elevated
tariffs of 145% (ranging as high as 245% depending on the product in question)
could possibly be reduced, likely in an attempt to bring China to the table for
negotiations after Chinese officials reiterated Wednesday willingness to talks
but not under the recent series of escalations and threats. No official
decision has been announced but these positive comments, coupled with a similar
sentiment from Treasury Secretary Bessent on Tuesday, allowed soybean prices to
build off Tuesday's session to trade back among the strongest price in almost
two months. Meanwhile, wheat prices continue to be pressured by the current
U.S. weather forecasts, with Kansas City futures hitting a fresh contract low
on the May board on Wednesday. Corn futures were down as well, pressured by
wheat and good weather for development in Brazil. Outside markets were of mixed
influence on ag products on Wednesday, with stock indices higher, but the U.S.
dollar also higher and crude oil posting a reversal candle lower lent some
pressure to the ag complex.
Rhett Montgomery
DTN Lead Analyst
GENERAL COMMENTS:
May corn closed down 3 3/4 cents and December corn was down 3 1/2 cents. May
soybeans closed up 5 1/4 cents and November soybeans were up 1 cents. May KC
wheat closed down 8 1/4 cents, May Chicago wheat was down 7 1/4 cents, May
Minneapolis wheat was down 4 cents.
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