DTN Closing Grain Comments    01/21 13:47
   Soybean Oil Trades to 5-Month Highs Wednesday; Soybeans Recover Further

   Wednesday was the soybean oil show within the ag sector with most-active
futures moving just under 3% higher on the day and positively influencing
soybean futures with the March contract moving higher by double digits and
covering some technical ground in the process. The growing bullish momentum in
soybean oil was supported by firm energy markets, particularly higher heating
oil/ULSD and natural gas prices. Unfortunately, the higher natural gas price
may be working against corn futures this week given the ethanol margin
component. Other outside markets saw stocks putting in recovery efforts
following Tuesday's sharp turn lower on a flare up in tariff anxiety. In his
speech at the World Economic Forum in Davos, Switzerland on Wednesday,
President Trump said the U.S. would not use force to take Greenland, soothing
investors' minds and seemingly sparking a continuance of the "buy the dip"
attitude which has been a feature of equity markets over the past year.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

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