DTN Closing Grain Comments    07/16 13:55
   Row-Crop Rally Stalls Thursday Against Chart Resistance

   Corn, soybean, and wheat futures fell on Thursday as prices relaxed
following Wednesday's strong session. All three are now testing levels of chart
resistance which also spurred a wave of technical based selling, not just the
case in U.S. markets but in European futures as well. Bullish arguments for
crop prices remain valid with the U.S. heat wave looking to break this upcoming
weekend but uncertainty on whether that will be accompanied by any relief
rainfall for the Grain Belt. There have also been few recent updates regarding
the escalation in the Black Sea war this week with uncertainty surrounding
Russia and Ukraine's ability to service international buyers through the
upcoming marketing year. Outside markets also leaned bearish on ag futures for
Thursday (though have been supportive through the week), crude oil is down
marginally after three straight higher sessions while the U.S. Dollar Index
recovers from a two day drop.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   September corn closed down 6 cents and December corn was down 5 1/2 cents.
August soybeans closed down 7 1/4 cents and November soybeans were down 6 3/4
cents. September KC wheat closed down 3 1/2 cents, September Chicago wheat was
down 2 3/4 cents, September MIAX Minneapolis wheat was up 2 cents.