DTN Closing Grain Comments    06/03 13:48
   Row-Crop Meltdown Continues as Longs Head for Exits

   Futures continued their plummet toward multi-month lows at midweek with
traders showing next to zero concern for supplies with mostly good weather to
begin the 2026 growing season in the U.S. Any risks to global ag trade are seen
as a concern for another day with nearby supplies still at a historically
comfortable level, though there are warning signs of lower production to come
amid the ongoing trade block through the Strait of Hormuz. On that front,
Tuesday was said to have featured the heaviest fighting in the region since
April as there is still no sign of a lasting agreement between the U.S. and
Iran. Crude oil futures have moved higher in all three sessions this week, a
bullish influence which has gone unnoticed or uncared for within the ag sector.
Another sizeable weekly drawdown to U.S. crude oil reserves was also reflected
in firm Treasury yields on inflation concerns with equities likely to snap a
recent record-setting win streak as well.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   July corn closed down 9 cents and December corn was down 6 3/4 cents. July
soybeans closed down 11 1/4 cents and November soybeans were down 10 1/2 cents.
July KC wheat closed down 10 3/4 cents, July Chicago wheat was down 15 3/4
cents, July MIAX Minneapolis wheat was down 10 3/4 cents.