DTN Closing Grain Comments    06/24 13:55
   Grains Lower at Mid-Week With Little News to Break Fall

   Corn and soybean markets were quietly lower on Wednesday, with upward price
momentum still limited by overall good growing season weather and crop
conditions heading into the final stretch of June. Wheat futures appeared for
much of the session to be on a path to breaking a three-day lower streak, but
ultimately faded from early highs and turned lower as well. Overall, a lack of
potent bullish storylines combined with seasonal bearish tendencies is working
to keep a firm hand on row crop prices. Outside energy markets continue to lean
bearish, with WTI crude prices working towards a ninth straight lower session
despite Wednesday's Petroleum Status report showing yet another drawdown in the
Strategic Petroleum Reserve (the thirteenth straight week), to the lowest level
since the early 1980s. On the other hand, weekly U.S. crude production was the
largest weekly total through 2026 to date at 13.819 million barrels per day
(bpd).

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

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