DTN Closing Grain Comments    06/02 13:42
   Wheat Markets Rally on Black Sea Unrest, Corn Gives Up Early Gains to Start
June Trade

   It was overall a mixed and choppy session for row crop futures in the first
session of June. Corn futures were caught between surging wheat markets and
floundering soybean markets. Wheat prices extended last week's crop condition
rally on weekend escalation in the conflict between Russia and Ukraine.
Meanwhile, weekend accusations from both U.S. and China officials that the
other party has violated the agreement made in early May had soybean futures on
edge on Friday and again Monday. Outside markets were a mixed influence on Ag
commodities for Monday, with equities lower amid the renewed tension between
the U.S. and China, while energy markets were mostly higher in response to this
weekend's Black Sea military action which included a successful drone attack on
Russia's bombing fleet by Ukraine.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   July corn closed down 5 3/4 cents and December corn was down 2 3/4 cents.
July soybeans closed down 8 1/4 cents and November soybeans were down 9 3/4
cents. July KC wheat closed up 6 1/2 cents, July Chicago wheat was up 5 cents,
July MIAX Minneapolis wheat was up 1/2 cents.