DTN Closing Grain Comments    03/23 13:47
   Volatile Session Sees Corn Slide Behind Energy Selloff

   Row-crop futures posted wide trading ranges to begin the week, as mixed
signals regarding the war in the Middle East had traders uncertain of which
direction to send prices. President Trump posted on Truth Social Monday morning
that the U.S. and Iran had been engaged in negotiations over the weekend and as
a result the U.S. would delay the initial 48-hour ultimatum before striking
against Iranian powerplants. That deadline has reportedly been extended five
days. However, Iran's Foreign Ministry denied that the countries were
negotiating. As a result, crude oil was risk-off on Monday, with WTI futures
trading briefly below $90 per barrel for the first time since March 12, which
directly pressured corn and wheat markets to begin the week. Meanwhile,
soybeans traded modestly higher, with soybean oil bouncing from daily lows on
renewed optimism that EPA biofuel blending quotas will indeed be finalized yet
this month.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   May corn closed down 6 cents and July corn was down 5 1/2 cents. May
soybeans closed up 2 1/4 cents and July soybeans were up 2 1/2 cents. May KC
wheat closed down 3 cents, May Chicago wheat was down 7 1/2 cents, May MIAX
Minneapolis wheat was down 1 cent.