DTN Closing Grain Comments    04/13 14:04
   Row-Crop Futures Reverse From Early Highs Monday; Wheat Remains Positive

   Ceasefire negotiations between the U.S. and Iran failed over the weekend,
with the U.S. implementing a blockade of the Strait of Hormuz, suggesting the
ceasefire agreed to last Tuesday is already on the brink of dissolution. Oil
prices reacted accordingly to begin the new week, gapping higher (since filled)
as traders pencil in rising risk in the region. Row-crop futures traded mixed
in the fallout, corn futures initially rose given the energy interest (ethanol)
but eventually fell given bearish influence from the soybean market. The latter
dropped seemingly as a result of anxiety on what a long-term blockade of the
Strait of Hormuz would mean for U.S.-China relations as China is the primary
buyer of Iranian oil. Wheat futures were higher on the increased fertilizer
risk but also as a result of dry conditions across the U.S. Central and
Southern Plains, though finishing well below their early session highs.

Rhett Montgomery
Senior Market Analyst

GENERAL COMMENTS:

   May corn closed down 3/4 cents and July corn was down 1/4 cents. May
soybeans closed down 13 1/2 cents and July soybeans were down 13 3/4 cents. May
KC wheat closed up 12 1/2 cents, May Chicago wheat was up 11 1/4 cents, May
MIAX Minneapolis wheat was up 13 cents.