DTN Closing Grain Comments    02/03 13:49
   Soybean Oil Recovery Leads Crop Futures Higher Tuesday

   It was a generally positive session for ag markets Tuesday with soybean
futures recovering from three consecutive lower sessions and building off
bullish momentum which showed glimpses through Monday's rally off daily lows.
Wheat markets, on the other hand, remain sluggish with bullish traders thus far
lacking the confidence to extend the recent bounce beyond two-month highs which
were hit last week. Corn was caught between the soybean rally and heavy wheat
prices. Meanwhile, a recovery in energy prices following Monday's risk-off
session provided a base of support Tuesday. In early afternoon Tuesday, it was
reported that the U.S. had shot down an Iranian drone in the Persian Gulf, a
swift ratcheting of tensions which had seemed to be cooling to begin the week,
with nuclear negotiations set for Friday in Turkey. It is unclear at this point
if those talks will move forward as planned.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   March corn closed up 2 3/4 cents and May corn was up 2 1/4 cents. March
soybeans closed up 5 1/2 cents and May soybeans were up 4 3/4 cents. March KC
wheat closed down 1/2 cents, March Chicago wheat was up 1 cent, March MIAX
Minneapolis wheat was down 3 1/4 cents.