DTN Closing Grain Comments    02/05 13:49
   Soybeans Continue to Ride Bullish Wave; Corn, Wheat Join in Thursday

   The soybean market continued to set a bullish tone across row-crop futures
Thursday, following President Trump's comments on Wednesday that China may look
to extend their old-crop purchase goal for U.S. soybeans by an additional 8
million metric tons (mmt) above the previous 12 mmt. There are obviously a lot
of question marks regarding how feasible this is but for now the market is
reflecting added demand potential with a 45-50 cent move over the past two
sessions. Corn and wheat markets were able to join soybeans with higher prices
as well on Thursday, despite being a little more subdued in their rallying
efforts. Outside markets on Thursday were mostly a negative influence on ag
futures, with lower energy markets after Iran and U.S. officials did agree to
move forward with planned negotiations in Oman on Friday. The U.S. dollar was
firmer for the fifth time in the past seven sessions, and equity markets moved
lower as trade has turned sideways over the past month.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   March corn closed up 5 1/2 cents and May corn was up 6 cents. March soybeans
closed up 20 cents and May soybeans were up 21 1/4 cents. March KC wheat closed
up 8 1/4 cents, March Chicago wheat was up 8 1/2 cents, March MIAX Minneapolis
wheat was up 5 1/2 cents.