DTN Closing Grain Comments    09/28 13:56
   Post Summit Drop Resumes As Details Underwhelm Bulls

   Row crop futures were under heavy selling pressure for most of Monday's
session after the White House fact sheet following last week's Trump/Xi summit
offered very few and vague details specific to grain or oilseed trade. Moreso,
in the official list of $30 billion worth of tariff reductions, soybeans were
curiously absent -- although corn, wheat, and sorghum were included. Overall,
while I continue to view the summit as largely inconsequential to the
fundamental situation for U.S. row crops -- it was an excuse for historically
long speculators to unload risk at a seasonally heavy time for prices with U.S.
harvests advancing. Energy futures were firm on Monday after the U.S. rejected
the latest Iranian proposal to end the war last week. However, gains were muted
by reports that negotiations are expected to resume this week, with Iran's
Foreign Minister Araghchi in New York on Monday.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   December corn closed down 5 1/4 cents and March corn was down 5 1/2 cents.
November soybeans closed down 30 3/4 cents and January soybeans were down 29
1/2 cents. December KC wheat closed down 16 1/4 cents, December Chicago wheat
was down 14 1/2 cents, December MIAX Minneapolis wheat was down 11 3/4 cents.