DTN Closing Grain Comments    07/07 13:49
   Support Holds Despite No USDA Confirmation of China Soybean Sales

   After a booming session on Monday to begin the first full trading week of
July, row-crop futures were once again well supported with corn and soybeans
shaking off morning lows to close steady. Monday's rally stemmed from a mix of
weather concerns through mid-July as well as rumors of large purchases of
soybeans by China, though USDA did not confirm any reportable sales in Tuesday
morning's daily export wire. Wheat futures were sluggish relative to corn and
soybeans, still pressured by sagging FOB offers in the Black Sea as harvest
picks up, but also still well supported by last week's bullish USDA reports.
Crude oil futures traded moderately higher on Tuesday on reports of tanker
attacks in the Strait of Hormuz. Bonds were lower and interest rates higher on
the developments in the Middle East.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   September corn closed up 5 1/2 cents and December corn was up 6 1/2 cents.
August soybeans closed up 9 3/4 cents and November soybeans were up 5 1/2
cents. September KC wheat closed up 3 cents, September Chicago wheat was up 4
1/2 cents, September MIAX Minneapolis wheat was up 3 1/2 cents.