DTN Closing Grain Comments    07/06 13:46
   Soybeans Soar as Summer Weather Rally Sets In

   Despite decent rainfall across the U.S. Grain Belt over the long weekend,
row-crop futures defied what was widely anticipated to be a subdued tone to
open the week with an incredibly bullish session. Soybeans were particularly
impressive, leading the charge higher. Despite a good June for rainfall and
decent soil moisture levels across the heart of the Grain Belt, traders are
seeing enough reason to build risk into prices ahead of above average
temperatures in the 6- to 10-day outlook and the early stages of U.S. corn
pollination. Deteriorating conditions for European crops amid ongoing heat and
drought are also supporting values. Outside markets were quiet with mixed
energy futures -- diesel was higher to begin the week, while crude oil remained
pressured by increased volume flows through the Strait of Hormuz and OPEC+
announcing a production hike beginning in August.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   September corn closed up 15 1/4 cents and December corn was up 16 1/4 cents.
August soybeans closed up 47 3/4 cents and November soybeans were up 44 1/2
cents. September KC wheat closed up 11 1/4 cents, September Chicago wheat was
up 14 1/4 cents, September MIAX Minneapolis wheat was up 10 3/4 cents.