DTN Closing Grain Comments    03/03 13:48
   Chart Resistance, Firm U.S. Dollar Again Pressures Row Crops Off Early Highs

   Row crop futures raced to a strong start following Monday evening's open,
bullishly influenced by another 5-6% move in crude oil futures as the U.S. and
Israel-Iran war rages on. However, as was the case on Monday, the U.S. Dollar
strengthened relative to other currencies, hitting the highest mark since late
November before fading slightly through Tuesday's trade. Moreso, soybeans and
soybean oil remain well overbought from a technical standpoint, and rally
attempts beyond November highs are understandably being met with profit-taking
speculative selling and likely producer hedging pressure as well. Still,
despite finishing well below daily highs, futures appeared equally stubborn to
move drastically lower than even, with several markets setting higher lows as
compared to Monday's reversal session and ultimately closing with modest gains
on Tuesday. Equity markets were a bearish flagship on Tuesday as well, with the
Dow Jones Industrial Average down for a third consecutive session, although
bouncing from what were almost three-month lows in early trade.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   May corn closed up 3/4 cents and July corn was up 1 1/4 cents. May soybeans
closed up 6 1/2 cents and July soybeans were up 6 1/4 cents. May KC wheat
closed up 3 1/2 cents, May Chicago wheat was down 3 1/4 cents, May MIAX
Minneapolis wheat was up 3 1/4 cents.