DTN Closing Grain Comments    06/16 13:47
   Crop Prices Correct Monday as Friendly Weather Maintains Bearish Hold On
Market

   Mondays have generally not been friendly to grain futures over the past
several weeks and the start of this week was no exception to this recent trend,
especially for corn futures as July prices suffered double-digit losses,
erasing modest gains made late last week. The soybean market also struggled
Monday following Friday's 27-1/2-cent eruption, despite soybean oil gapping
higher on Sunday's open to the highest price of 2025 thus far, extending
Friday's gains following the bullish EPA biofuel mandate announcement. Wheat
futures too were softer on Monday, as the current friendly forecast for U.S.
crops through June is undoubtedly at the top of traders' list of reasons to
remain active sellers. In outside markets, crude oil futures posted a sharp
reversal Monday after it was reported that Iran was seeking to restart
negotiations with Israel and bring an end to the violence which has escalated
through the weekend. The pressure in energy markets is likely spilling into the
corn market to begin the week, although it's done little to slow the burst in
soybean oil futures.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   July corn closed down 9 3/4 cents and December corn was down 8 cents. July
soybeans closed unchanged, and November soybeans were up 5 3/4 cents. July KC
wheat closed down 4 3/4 cents, July Chicago wheat was down 7 1/4 cents, July
MIAX Minneapolis wheat was down 11 1/2 cents.