DTN Closing Grain Comments    05/02 13:47
   China Optimism Lifts Soybean Futures Into Weekend

   U.S. crop markets were again quiet, but mostly higher, with soybeans leading
the way after reports Friday morning that Chinese officials were open to trade
discussions with the U.S. but would first like to see a "softening" of the
tariffs implemented last month. Meanwhile corn futures continue to struggle
with chart resistance, while also appearing to be subject to some spread
trading between corn and wheat markets, with the latter finally showing some
life to avoid a 5-day losing streak on KC futures for the week. Outside market
influence for Friday was mixed with stock indices higher after a strong reading
on the U.S. labor market for April, in what was really the first significant
macro report with data following the April 2 tariff spike. Meanwhile, crude oil
futures shrugged off reversal action on Thursday to trade lower again Friday,
which provided pressure to soybean oil futures.

Rhett Montgomery
DTN Lead Analyst

   GENERAL COMMENTS:

   July corn closed down 3 1/4 cents and December corn was up 3 cents. July
soybeans closed up 7 3/4 cents and November soybeans were up 6 1/2 cents. July
KC wheat closed up 13 3/4 cents, July Chicago wheat was up 12 cents, July
Minneapolis wheat was up 15 1/2 cents.