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DTN Closing Grain Comments    05/07 14:06
   Corn and Soybeans Rally From Lows as Middle East Talks in Limbo

   U.S. crop futures were lower for a third straight session on Thursday, but
saw corn and soybeans climb well above their early morning lows by the close,
as initial headline-induced selling may have reached an exhaustion point as
traders await updates out of the Middle East. The latest for Thursday was that
Iran is currently reviewing a U.S. proposal for restarting nuclear negotiations
and ending the war. Crude oil futures also rallied from early lows and
eventually turned higher in the early afternoon, avoiding a third straight
lower session, which has not occurred in WTI futures since the war began in
late February. Meanwhile, despite ongoing crop and weather concerns, wheat
futures plummeted on Thursday, likely driven by short-term technically-based
momentum more so than any significant fundamental update.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   July corn closed down 1 cent and December corn was down 1/2 cent. July
soybeans closed down 2 1/2 cents and November soybeans were down 2 cents. July
KC wheat closed down 19 3/4 cents, July Chicago wheat was down 5 cents, July
MIAX Minneapolis wheat was down 18 1/4 cents.