DTN Closing Grain Comments    09/02 13:58
   Row Crop Comeback Falls Short As Technical Selling Sets In

   Early on Wednesday, it appeared that row crop futures were finally heading
for a steep correction to the remarkable rally seen over the past three weeks.
However, the market continued to show resilience as bullish traders
aggressively bought at morning lows, sending corn, soybeans, and wheat futures
well above overnight lows by the close. Wheat futures once again led the way
for crops, recovering briefly after Turkey's President Erdogan and Russia's
President Putin met on Wednesday with no agreement surfacing for a ceasefire or
plan to assure safe passage for grain exports through the Black Sea. However,
technical-based selling eventually pressured prices lower yet again by the
close. Outside energy futures again leaned supportive, with crude higher for a
third straight session and knocking on the door of highs not seen since early
June (before the memorandum was signed in mid-June), as attacks in the Middle
East have escalated once again this week. Equity markets recovered from a
three-day slide but are entering a notoriously sluggish month in September,
seasonally speaking.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   December corn closed down 2 1/2 cents and March corn was down 2 cents.
November soybeans closed down 7 1/2 cents and January soybeans were down 7 3/4
cents. December KC wheat closed down 11 cents, December Chicago wheat was down
8 1/2 cents and December MIAX Minneapolis wheat was up 5 1/4 cents.