DTN Closing Grain Comments    07/27 13:45
   Drop in Energies, Rainfall Chances Spark Profit Taking to Start Week

   Row-crop futures moved drastically lower to start the week, as what began as
an energy inspired risk-off session snowballed into a rapid turn in momentum as
long-holders in grains and oilseeds looked to secure profits ahead of month
end. When futures rally as much as they have in the past two weeks on quickly
changing factors such as geopolitics and weather, it is only natural to expect
days like Monday to occur -- with traders displaying heightened caution of
being caught on the wrong side of a long-position given the seasonal tendencies
of prices in late summer. As mentioned, outside energies led the selloff with a
gap lower on Sunday in response to the U.S. canceling a planned round of
attacks against Iran. There have been reports in recent days of mediators from
Pakistan making some progress on getting negotiations between the U.S. and Iran
restarted. Meanwhile, the war in the Black Sea shows fewer clear signs of
de-escalation with reports of ship attacks through the weekend.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   September corn closed down 12 1/2 cents and December corn was down 13 1/2
cents. August soybeans closed down 39 1/2 cents and November soybeans were down
39 3/4 cents. September KC wheat closed down 16 1/4 cents, September Chicago
wheat was down 18 cents, September MIAX Minneapolis wheat was down 8 cents.