DTN Closing Grain Comments    04/07 13:56
   Row Crops Break From Middle East Tension, Fall on Profit-Taking

   Row-crop futures turned lower Tuesday despite a seemingly worsening
situation in the Middle East with President Trump reaffirming his Tuesday
evening deadline for Iran to completely reopen the Strait of Hormuz, and Iran
cutting off all direct diplomacy with the U.S. as a result of President Trump's
threats. Traders have shifted focus to comfortable levels for grain and oilseed
reserves around the globe, and frankly a lack of clearly bullish news to
dissuade traders from booking profits on net-long positions. Corn, soybean, and
wheat futures remain immediately above medium to long-term chart support.
Energy futures were mostly higher, with WTI prices closing at the March 9
calendar year high. Equities were lower as investors hopes for a U.S.-Iran
ceasefire have been diminished.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   May corn closed down 5 cents and July corn was down 5 1/4 cents. May
soybeans closed down 8 1/2 cents and July soybeans were down 8 3/4 cents. May
KC wheat closed down 3/4 cents, May Chicago wheat was up 2 3/4 cents, May MIAX
Minneapolis wheat was down 3 1/2 cents.