DTN Closing Grain Comments    03/27 13:50
   Row Crops Settle Mostly Lower as Traders 'Sell the Fact' After EPA Releases
Mandates

   What has long been expected to be a busy last few days of March kicked off
on Friday with the EPA at long last releasing their 2026 and 2027 biofuel
blending mandates and will continue next week with the USDA's annual
Prospective Plantings and quarterly Grain Stocks reports. While at first glance
the EPA mandates appeared supportive to U.S. ag products used for biofuel
creation, the soybean oil market did experience a classic "buy the rumor, sell
the fact" type price action, initially falling sharply on the release before
rallying back toward even on the day. Meanwhile, soybean futures remained lower
as did corn, with the former responding to reports that China has opened
investigations into U.S. trade practices in response to U.S. investigations
launched earlier this month. Regarding the ongoing conflict in the Middle East,
President Trump has delayed his ultimatum to Iran to open the Strait of Hormuz
until April 6. Regardless, crude oil prices rose for the second straight day,
close to reclaiming Monday's losses as well as the conflict has shown little
sign of meaningful deescalation despite limited peace talks this week.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   May corn closed down 5 cents and July corn was down 4 1/2 cents. May
soybeans closed down 14 1/2 cents and July soybeans were down 14 1/4 cents. May
KC wheat closed up 6 cents, May Chicago wheat was unchanged, May MIAX
Minneapolis wheat was up 3 1/4 cents.