DTN Closing Grain Comments 10/28 13:38

DTN Closing Grain Comments 10/28 13:38 Crude Oil Gaps Lower, Pressures Grain Markets at Week's Open Grain markets Monday followed up Friday's selloff with another red day, this time led lower by outside pressure as crude oil futures suffered near 5.5% losses on the day following Israel's missile attack on Iran Friday deliberately avoided oil production infrastructure. It is somewhat of a convoluted price reaction as Middle Eastern tensions seem to be escalating, but the market is viewing this as a clear message that oil production is not an Israeli military target. U.S. harvest will essentially be completed over the next 7 to 10 days, and Brazilian planting is also racing toward completion, adding to downward pressure on prices as the market will try to make sense of likely large surpluses of grain supplies over the next crop year. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: December corn closed down 4 1/2 cents and March corn was down 4 3/4 cents. January soybeans closed down 11 1/2 cents and March soybeans were down 10 3/4 cents. December KC wheat closed down 10 1/2 cents, December Chicago wheat was down 10 1/4 cents and December Minneapolis wheat was down 10 cents.