DTN Closing Grain Comments    08/24 13:43
   Corn, Soy Trade Mixed Off Crop Tour Estimates to Begin Week

   It was a heavily mixed session for U.S. row crops to begin the final
business week of August. Corn futures were very strong (although faded from
early highs) and once again to new 2026 highs after last week's ProFarmer crop
tour concluded with a shockingly low yield forecast of 173.2 bushels per acre
(bpa). Meanwhile, soybean futures fell by double digits as the same tour
estimated a record large 53.3 bpa yield based on last week's pod counts.
Meanwhile, wheat futures were caught in the middle with a two-sided trade and
December contracts just below 2026 highs as well. Outside energy futures were
mostly lower to open the new week, taking a breath as Treasury Secretary Scott
Bessent held a press conference to address the ongoing conflict with Iran --
with the White House stepping up enforcement of sanctions including against
countries which trade with Iran. This likely was partly responsible for the
losses in soybeans -- with China being the top buyer of Iranian oil and
questions as to how well U.S.-China relations will hold ahead of President Xi's
visit next month.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   September corn closed up 7 3/4 cents and December corn was up 7 cents.
September soybeans closed down 9 cents and November soybeans were down 15 1/4
cents. September KC wheat closed down 5 3/4 cents, September Chicago wheat was
up 1/4 cents, September MIAX Minneapolis wheat was down 4 1/2 cents.