DTN Closing Grain Comments    06/25 13:52
   Strong Weekly Export Sales Spark Soybean Recovery Rally on Thursday

   Corn and soybean markets turned higher on Thursday, enjoying a relief bounce
inspired by technical-based buying after an early week fall back toward
long-term support, while good weekly export sales data from USDA also fueled
upward momentum. Meanwhile, wheat futures remain frustratingly sluggish, with
traders at this point ignoring bullish arguments such as a 56-year low for U.S.
wheat production and a historic heatwave across Europe. Opting instead for a
cautious outlook amid ever easing geopolitical tension and energy market
concerns, with harvest of other Northern Hemisphere winter crops just around
the corner. In macroeconomic news, inflation data from the Personal Consumption
Expenditure reports showed an uptick in May, with the headline rate up to 4.1%
and the highest since April 2023. The core rate (less energy and food costs)
was also firm at 3.4% annualized inflation. First quarter U.S. GDP was
finalized on Thursday at 2.1% annual growth, notably improved from the second
revision in May.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   July corn closed up 7 3/4 cents and December corn was up 8 1/4 cents. July
soybeans closed up 18 3/4 cents and November soybeans were up 22 cents. July KC
wheat closed up 3 1/4 cents, July Chicago wheat was up 5 1/4 cents, July MIAX
Minneapolis wheat was up 3 cents.