DTN Closing Grain Comments    07/15 15:23
   Mixed Tuesday Session Sees Corn Extend Weekly Gains, Soybeans Struggle

   Row-crop prices once again wavered Tuesday as traders are very indecisive at
this point of where to send prices next. Long-term support immediately below
current prices perhaps signals to some traders they have adequately priced in
their bearish outlook for the time being. Outside markets were mixed following
the June Consumer Price Index report which showed a slight uptick in inflation
as compared to May but was also in line with expectations at 2.7%,
year-over-year. Still, this widens the gap between the current rate and the
Fed's target rate of 2%, adding to unlikeliness of a cut to interest rates in
the Fed meeting toward the end of this month. The current CME FedWatch tool
shows a 97.4% chance the target range of 4.25-4.50% is held by the FOMC at that
meeting. This will most likely turn up the tension between the Trump
administration and Fed Chair Jerome Powell again, adding another layer of
uncertainty and anxiety to the marketplace.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   September corn closed up 1 1/4 cents and December corn was up 1 3/4 cents.
August soybeans closed down 6 cents and November soybeans were down 5 1/4
cents. September KC wheat closed up 3/4 cents, September Chicago wheat was down
3 1/2 cents, September MIAX Minneapolis wheat was down 2 1/2 cents.