DTN Closing Grain Comments    09/14 13:55
   Soybeans Recover From WASDE Rout While Grains Remain Top Heavy

   After a Friday plunge to close last week, soybean futures recovered at least
some of those losses to begin the new week, in what was a selloff which was a
bit overdone in my opinion given the data from USDA during Friday's session,
with bearish momentum snowballing through the final hours of trade. Meanwhile,
wheat prices turned lower by mid-morning after President Trump's Truth Social
post saying that Ukraine and Russia had agreed to halt attacks on energy
infrastructure in the Black Sea. After racing to record highs last week, diesel
futures fell from early highs Monday on those rumors though energy markets
overall were firm. Crude oil set another high for the recent move, over $100
per barrel for WTI and Brent markets. Oil prices has slipped on Friday on
reports of meetings this week between Oman and Iran regarding management of the
Strait of Hormuz, but those meetings were reported on Monday to have been
postponed. Macroeconomic news this week will center on the Federal Reserve
meeting and interest rate decision set for Wednesday. CME's FedWatch tool now
has the odds of a quarter-point interest rate hike at 90.3% on Monday.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   December corn closed up 3 cents and March corn was up 2 1/2 cents. November
soybeans closed up 7 3/4 cents and January soybeans were up 8 1/4 cents.
December KC wheat closed down 6 cents, December Chicago wheat was down 3 1/4
cents, December MIAX Minneapolis wheat was down 8 3/4 cents.