DTN Closing Grain Comments    06/16 13:53
   Soybeans Defy Oil Weakness, Corn and Wheat Mixed Tuesday

   Tuesday was a quiet session in terms of row-crop news with soybeans once
again leading recovery efforts with an impressive reversal off early lows,
despite soybean oil futures dropping alongside outside energy markets. Details
continue to emerge regarding the deal to end the conflict in the Middle East
with the Wall Street Journal reporting on Tuesday that Iran will be offered
some sanction relief to sell oil conditional on the reopening of the Strait of
Hormuz. WTI crude futures fell below $76 per barrel on Tuesday, the lowest
price since the first week of the war. In other macro news, investors will
focus on the FOMC meeting this week, the first with new Fed Chair Kevin Warsh.
CME's FedWatch tool puts the odds at a near certainty of the Fed holding
interest rates steady in the meeting.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

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