DTN Closing Grain Comments    04/20 13:45
   Mixed Monday as Uncertainty Mounts in Middle East

   Last week's trade ended with a risk-off attitude after Iran declared the
Strait of Hormuz to be open to commercial traffic on Friday morning. That
decision was quickly reversed, with Iran stating Sunday that the Strait was
closed amid the ongoing U.S. blockade (which culminated Sunday in the seizure
of an Iranian vessel). Crude oil and other energy markets moved higher Monday
with eyes now on upcoming negotiations scheduled in Pakistan with the two-week
ceasefire set to expire on Tuesday. It is unclear if Iran has agreed to
participate in any talks. In ag markets, the energy influence was felt in
higher corn, soybean oil, and canola futures. Meanwhile, escalation continues
to be seen as bearish to soybean futures. Wheat futures were mostly higher
Monday, though Kansas City futures turned lower by the close without much
explanation. Bullish influence in the wheat market stems from growing concern
for the production potential for U.S. hard red crop amid challenging
conditions.

Rhett Montgomery
Senior Market Analyst

GENERAL COMMENTS:

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