DTN Closing Grain Comments    08/20 13:46
   December Corn Threatens 2026 Highs as Bullish Streak Continues

   Row-crop futures remained well supported on Thursday, continuing an overall
strong week for price action with corn leading the way higher. Overall, all
three major crops are near their highs for the year, and multi-year highs at
that. Thus, Thursday featured some top-heaviness and what was likely
technically based selling pressure in soybeans and wheat. From here, with the
pendulum clearly swinging to the bullish side, upside potential will continue
to be determined by where U.S. production lands in conjunction with how demand
holds up in this new higher price environment. Perhaps the strongest bearish
counterargument at this point remains seasonality, and selling pressure ahead
of and during the peak of U.S. harvest in the September/October window may spur
some selling. Outside markets continue to lean bullish as well, with crude oil
futures heading higher again and closing in on July highs. An underlying basis
of support within the commodity sector continues to stem from heightened
inflation concerns amid the ongoing wars.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   September corn closed up 5 3/4 cents and December corn was up 5 1/2 cents.
September soybeans closed down 1 1/2 cents and November soybeans were down 3/4
cents. September KC wheat closed up 1/4 cents, September Chicago wheat was up 2
1/2 cents, September MIAX Minneapolis wheat was up 6 3/4 cents.