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DTN Early Word Grains         07/20 05:55
   Watson Doesn't Live Here Anymore

   December corn was 3 cents higher, November soybeans were 7 cents higher, and
September Minneapolis (HRS) wheat was 5 cents lower.

By Darin Newsom
DTN Senior Analyst

6:00 a.m. CME Globex:   December corn was 3 cents higher, November soybeans
were 7 cents higher, and September Minneapolis (HRS) wheat was 5 cents lower.

CME Globex Recap:   Corn and the soybean complex were trading higher early
Thursday as rain continues to elude the bulk of the U.S. Midwest. Chicago is
expected to see some rain over the course of the day, but that doesn't have the
same perceived effect on grain and oilseed markets that it used to given
computerized trade is global rather than local. Wheat markets were lower as it
appears Minneapolis spring wheat has reached the harvest tipping point most
weather driven, short-supply spike rally markets tend to find.

OUTSIDE MARKETS:   The Dow Jones Industrial Average closed 66.02 points (0.3%)
higher at 21,640.75, the NASDAQ Composite gained 40.74 points (0.6%) to
6,385.04, and the S&P 500 added 13.22 points to 2,473.83 Wednesday. DJIA
futures were 11 points higher early Thursday morning. Asian markets closed
mostly higher with Japan's Nikkei up 132.73 points (0.6%), Hong Kong's Hang
Seng gaining 68.05 points (0.3%), and China's Shanghai Composite up 13.89
points (0.4%). European markets were trading mostly higher with London's FTSE
100 up 42.71 points (0.6%), Germany's DAX adding 47.57 points (0.4%), and
France's CAC 40 rallying 13.52 points (0.3%). The euro was down 0.0011 at
1.1504 while the U.S. dollar index gained 0.23 to 95.03. September 30-year
T-Bonds were unchanged at 153'30 while August gold lost $5.30 to $1,236.70.
Crude oil was $0.03 lower at $47.09 while Brent crude dipped $0.01 to $49.69.
China's Dalian soybean futures were mostly higher (lower nearby, higher
deferred) and Malaysian palm oil futures were higher overnight.
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