DTN Closing Grain Comments    06/04 13:47
   Soybean Losses Accelerate on No Confirmed Sales to China

   U.S. crop futures continued lower on Thursday with soybean futures hit
particularly hard after another week went by with no labeled sales to China for
the upcoming 2026-27 season. While not necessarily a reason for outright panic,
the lukewarm demand currently combined with good growing conditions have
traders committed to liquidating long positions. Outside markets also leaned
bearish with energy futures lower following the U.S. House of Representatives
voting on Wednesday to pass a measure to essentially put the ongoing war in the
Middle East into Congress' hands. On the same developments, stocks were higher
and Treasury yields lower. Despite optimism the worst of the fighting is past,
there are few encouraging signs the Strait of Hormuz will reopen to commercial
traffic any time soon. However, it has also been reported by the Wall Street
Journal (and others) that Gulf countries are rapidly working to build pipeline
systems to bypass the waterway completely and bolster oil trade flows.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   July corn closed down 7 cents and December corn was down 8 cents. July
soybeans closed down 24 1/2 cents and November soybeans were down 25 3/4 cents.
July KC wheat closed down 3 3/4 cents, July Chicago wheat was down 5 1/2 cents,
July MIAX Minneapolis wheat was down 5 1/4 cents.