DTN Closing Grain Comments    04/22 13:49
   Corn Holds Wednesday, Soybeans Slide After Ships Attacked in Strait of Hormuz

   It was another mostly quiet session for row-crop futures as prices reversed
from early highs, with overnight reports of three ship attacks in the Strait of
Hormuz setting the tone with higher energy markets for a third straight
session. West Texas Intermediate prices are close to completely regaining the
losses from last Friday's gap lower. Interestingly, U.S. equity markets were
higher as well, as investors for now shrug off war risk amid reports that U.S.
and Iranian officials could convene as early as Friday to resume negotiations.
Corn futures have strung together a solid bounce from early April lows but
faded into Wednesday's close on spillover weakness from soybeans. Soybeans saw
bearish momentum increase through the session after failing to overcome chart
resistance toward the top end of the past month price range. Wheat futures were
mixed for much of the session but eventually fell as well on technically based
profit taking.

Rhett Montgomery
Senior Market Analyst

GENERAL COMMENTS:

   May corn closed up 1/2 cent and July corn was up 3/4 cent. May soybeans
closed down 10 cents and July soybeans were down 10 3/4 cents. May KC wheat
closed down 5 3/4 cents, May Chicago wheat was down 5 3/4 cents, May MIAX
Minneapolis wheat was down 1/4 cents.