DTN Closing Grain Comments    12/02 13:47
   Wheat Leads Grains Reversal as Black Sea Tensions Flare

   What began as another post-holiday slump for corn and wheat markets rapidly
reversed course late Tuesday morning when Russian President Vladimir Putin
raised the temperature of recent peace efforts in the Black Sea region,
threatening to ramp up attacks on Ukrainian port infrastructure in response to
Ukraine's attacks on Russian tankers. The heightened volatility comes as U.S.
representatives led by Steve Witkoff are meeting with Putin in Moscow. Corn and
wheat prices did eventually fade slightly from daily highs amid technical
resistance. Crude oil markets were surprisingly subdued in response to
Tuesday's Black Sea news, managing to climb from daily lows but unable to turn
positive. Meanwhile, Treasury yield futures were higher as was the U.S. dollar
after holding above trendline support on Monday.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   March corn closed up 5 cents and May corn was up 4 1/4 cents. January
soybeans closed down 3 1/4 cents and March soybeans were down 3 cents. March KC
wheat closed up 6 1/4 cents, March Chicago wheat was up 6 cents, March MIAX
Minneapolis wheat was up 4 3/4 cents.