DTN Closing Grain Comments    07/08 13:48
   Corn Futures Sink to New Lows on High USDA Crop Rating

   Grain markets were lower again on Tuesday as traders are solely focused for
the time being on good weather for the growing spring planted crops. It is also
safe to say at this point that the crops are passing the "eye test" with USDA
giving the corn crop its highest early July rating since 2018. In outside
markets, it was a much quieter tone Tuesday compared to Monday as investors and
traders seem to have been somewhat calmed by the extension of the tariff cutoff
by the Trump administration to Aug. 1, but ongoing trade negotiations will be
an important factor for the balance of July. For energy markets, crude oil is
working towards a second session higher to start the week despite the announced
OPEC+ production increase for August reported over the weekend. Unfortunately,
for ag markets, the firmer energy prices did little to prop commodity prices,
as currently, weather trade is trumping all.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   September corn closed down 5 1/2 cents and December corn was down 6 1/2
cents. August soybeans closed down 10 1/4 cents and November soybeans were down
3 1/4 cents. September KC wheat closed down 5 cents, September Chicago wheat
was down 3/4 cents, September MIAX Minneapolis wheat was down 7 1/2 cents.