DTN Closing Grain Comments    03/10 13:51
   Markets Shrug Off Uneventful WASDE Release From USDA

   For at least a few minutes on Tuesday morning, traders took a break from
following the geopolitical whirlwind of the past ten days to review fresh crop
supply and demand estimates from USDA, with prices showing little to no
reaction as USDA left most forecasts unchanged or very close. The theme of the
past 24 hours has been an incredible reversal in crude oil, with NYMEX WTI
futures back below $85 per barrel after trading just under $120 per barrel late
Sunday evening. Comments from President Trump on Monday that the end of the
conflict with Iran may be on the horizon increased selling pressure, but on
Tuesday Defense Secretary Hegseth signaled more intense bombing campaigns, and
Iran's Foreign Minister Abbas Araghchi states negotiations with the U.S. were
"off the table." The market is anticipating a coordinated release of G7 country
oil reserves to stabilize the market, hence Tuesday's price pressure.
Meanwhile, price action in equities has been the opposite, with a reversal off
Monday lows and the Dow Jones Industrial Average now attempting to post
back-to-back higher sessions for the first time in March.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   May corn closed down 1 1/2 cents and July corn was down 2 1/4 cents. May
soybeans closed up 5 1/2 cents and July soybeans were up 6 cents. May KC wheat
closed down 11 cents, May Chicago wheat was down 12 1/4 cents, May MIAX
Minneapolis wheat was down 11 cents.