DTN Closing Grain Comments    01/22 13:53
   Grain Markets Retreat Wednesday on Profit Taking

   Row crop markets were two sided on Wednesday as corn and soybean futures
pressed into new highs for their move before traders stepped in to take profits
on long positions. Producer selling likely played a role as deferred corn
contracts surpassed the $5.00 mark on May and July contracts, a level which I
would imagine was lined with sell target orders. Fundamental drivers were
lacking for the most part Wednesday, but the pace looks to pick up later in the
week with the release of South American crop updates on Thursday and Friday.
Outside markets Wednesday were mixed to slightly negative, with the U.S. Dollar
Index overcoming early losses and attempting to reverse higher, while crude oil
prices continue to slide as well. Equity markets on the other hand were
stronger as the Dow Jones Industrial Average has now reclaimed over half of its
losses from the December/early January selloff.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   March corn closed down 5 3/4 cents and May corn was down 5 3/4 cents. March
soybeans closed down 11 1/4 cents and May soybeans were down 9 1/2 cents. March
KC wheat closed down 3/4 cents, March Chicago wheat was down 4 3/4 cents, March
Minneapolis wheat was up 2 cents.