DTN Closing Grain Comments    07/29 13:51
   August Rainfall Forecast Sinks Soybean Futures at Midweek

   What began the week as an energy-inspired bout of profit-taking in row-crop
futures has now shifted to a weather focus with forecasted rainfall across the
U.S. grain belt in the first half of August inspiring a second wave of intense
selling, especially in soybean futures. In fact, outside energy markets traded
bullishly on Wednesday, following a series of surprise missile attacks by Iran
targeting U.S. bases in the Middle East on Tuesday evening. Brent crude futures
moved over $5 per barrel higher at midweek after falling sharply the preceding
three sessions, though this did little to lift ag commodities on Wednesday.
Equities were heavily lower on Wednesday along with Treasuries. In other
Wednesday news, the Federal Reserve voted to hold interest rates steady in
their July meeting -- the anticipated outcome, although it was reported that
three of 12 Fed officials voted to increase rates.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   September corn closed down 9 1/2 cents and December corn was down 8 3/4
cents. September soybeans closed down 28 3/4 cents and November soybeans were
down 27 1/4 cents. September KC wheat closed down 3/4 cents, September Chicago
wheat was down 1 3/4 cents, September MIAX Minneapolis wheat was up 2 1/2 cents.