DTN Closing Grain Comments    11/02 13:52
   Soybeans Open November With Sixth Straight Lower Session, Grains Hold

   Corn and wheat futures retreated from early highs while the soybean complex
moved sharply lower to start the month of November. Row crop bulls are hoping
to turn to a fresh page this month after an ugly month for price action through
October. A 5-8% plunge in energy futures was difficult for ag markets to
ignore, especially the soybean oil market, which fell back to four-month lows.
Crude oil futures were pressured by reports that the U.S. and Iran have made
some progress on negotiations through the weekend, with the market unwinding
some risk, which had been priced in on the expectation that the war would
escalate once again following Tuesday's midterm elections in the U.S. The
energy selloff in turn pressured U.S. interest rates and yields, leading to a
softer U.S. dollar to begin the month.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   December corn closed up a 1/2 cent and March corn was up 1 cent. January
soybeans closed down 17 1/2 cents and March soybeans were down 17 1/4 cents.
December KC wheat closed up 1 3/4 cents, December Chicago wheat was up 3 cents,
December MIAX Minneapolis wheat was up 2 cents.