DTN Closing Grain Comments    07/31 13:46
   Wheat Shrugs Off Black Sea Risks Friday, Falls Hard to Close Week

   Row-crop markets finished an overall bearish week for price action on a sour
note with wheat futures leading the way lower seemingly on month-end
profit-taking and possible typical caution ahead of a weekend full of uncertain
headlines. Corn and soybeans were resilient early in the session before being
pulled lower as a wave of selling washed over most of the row-crop complex. For
corn, soybeans, and spring wheat, downward, weather-driven momentum seems to
have eased over the last few days after rapid risk removal early in the week.
Traders will likely look to see what rainfall develops next week with another
short burst of hot temperatures expected in the northwest grain belt over the
weekend. In outside markets, energy markets were mixed heading into the
weekend, with little follow-up news regarding the state of negotiations
following this week's most recent escalation in the war in the Middle East. The
inflation trade was very active in Treasuries this week, with the 30-year yield
hitting its highest point since 2007.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   September corn closed down 5 cents and December corn was down 4 1/2 cents.
September soybeans closed down 1 1/2 cents and November soybeans were down 1
1/4 cents. September KC wheat closed down 23 1/4 cents, September Chicago wheat
was down 24 1/4 cents, September MIAX Minneapolis wheat was down 21 3/4 cents.