DTN Closing Grain Comments    03/16 13:47
   Soybeans Plunge As Trump/Xi Summit Possibly Delayed, Risk-Off Trade
Overwhelms Markets

   Soybeans led row crop futures lower to begin the new week, dropping a
remarkable 70 cents per bushel, the largest single-day loss for most active
futures since July 2022. Reports on Sunday evening and reiterated on Monday
posed the possibility of a delay in President Trump's long-anticipated state
visit to China, an event which was a pillar of the soybean rally through
February and March. Losses were compounded by a risk-off attitude in the energy
sector, with the reopening of the Strait of Hormuz becoming the number one
objective of the U.S. and its allies. A Pakistani vessel reportedly crossed the
Strait on Monday, the first to do so (other than Iranian ships) since the start
of the conflict two weeks ago. Corn and wheat markets unsurprisingly lower as
well Monday, largely on spillover weakness from soybeans and energy markets.
Wheat showed the highest degree of resilience for Monday, largely due to the
more immediate bullish weather story amid dryness across the U.S. Plains.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   May corn closed down 13 1/4 cents and July corn was down 12 1/2 cents. May
soybeans closed down 70 cents and July soybeans were down 70 cents. May KC
wheat closed down 13 1/2 cents, May Chicago wheat was down 16 1/2 cents, May
MIAX Minneapolis wheat was down 11 1/2 cents.