DTN Closing Grain Comments    03/09 13:50
   Markets Reverse From Overnight Highs as Profit-Taking Sets In

   As was wildly expected, crude oil (and related energy markets) jumped
drastically again on the Sunday open, with oil hitting the highest level seen
since the first half of 2022 following the initial Russian invasion of Ukraine.
Prices eventually eased on profit-taking, falling back below $100 per barrel,
accelerated on reports that G7 nations will discuss a coordinated release of
oil reserves to ease the supply shock caused by the trade halt in the Persian
Gulf. Row crops fell from highs along with the energy sector, with overbought
technical conditions likely playing a role in encouraging profit-taking and
hedging as well. Equity markets were lower again but off their daily lows, with
the Dow Jones Industrial Average on pace for the first monthly loss since last
April, barring a mid-March turnaround. The U.S. dollar was firm but will face a
major technical test near 100 on the index, which has held since early 2025.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   May corn closed down 6 3/4 cents and July corn was down 5 1/2 cents. May
soybeans closed down 4 1/2 cents and July soybeans were down 4 cents. May KC
wheat closed down 3 3/4 cents, May Chicago wheat was down 13 1/2 cents, May
MIAX Minneapolis wheat was up 3 cents.