DTN Closing Grain Comments    04/29 13:53
   Row Crops Continue Weekly Rally as Seasonal Strength Takes Over

   Corn, soybean, and wheat futures were mostly higher once again at midweek,
continuing to ride the week's bullish wave as traders factor risk into prices
given the ongoing trade disruption in the Persian Gulf. Wheat futures
eventually faded from early highs on profit-taking and overbought technical
conditions. In regard to the Middle East situation, the Wall Street Journal
reported on Tuesday that only 35 ships crossed the Strait of Hormuz during the
week ended April 26, compared to roughly 130 per day under normal
circumstances. President Trump reportedly plans to keep the U.S. blockade in
place, and as a result, crude futures jumped Wednesday for the seventh time in
the past eight sessions. In other news, the Federal Reserve voted on Wednesday
to hold interest rates steady, which was widely expected. However, there was
reportedly notable disagreement on the outlook for rates through 2026, which
will remain a story to watch as Fed Chair Powell's term officially comes to a
close in May and Kevin Warsh takes the reigns.

Rhett Montgomery
Senior Market Analyst

GENERAL COMMENTS:

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