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DTN Early Word Grains         05/25 05:58
   Wheat Leads Grains Lower Early Wednesday

   July corn was down 9 1/4 cents, July soybeans were down 7 1/2 cents and July
KC wheat was down 30 1/2 cents.

Todd Hultman
DTN Lead Analyst

   Pre-6 a.m. Globex Prices: July corn was down 9 1/4 cents, July soybeans were
down 7 1/2 cents and July KC wheat was down 30 1/2 cents.

   CME GLOBEX RECAP: Early Wednesday, U.S. stocks on the Dow Jones Industrials
are trading slightly lower, a quiet start to the day and similar to roughly
steady trading in Europe. The yield on 10-year T-notes has backed down from the
May 9 high of 3.17% and is now around 2.76% as concerns of a slowing economy
have eased the pressure on rates to go higher. Wednesday's reports include U.S.
durable goods orders at 7:30 a.m. CDT, the Energy Department's weekly inventory
report at 9:30 a.m. and minutes from the latest Fed meeting at 1 p.m.

   OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial
Average up 48.38 at 31,928.62 and the S&P 500 down 32.27 at 3,941.48 as the
10-Year Treasury yield ended at 2.76%, down from the highest level in three and
a half years. Early Tuesday, June Dow Jones futures are trading down 18 points.
Asian markets are mixed with Japan's Nikkei 225 index down 0.26% and China's
Shanghai Composite Index up 1.19%. European markets are roughly steady with the
spot futures of the London FTSE 100 trading up 0.33%, spot futures of Germany's
DAX trading down 0.02% and spot futures of France's CAC Index trading up 0.10%.
The June euro is down $0.0056 at $1.0678. The June U.S. Dollar Index is up 0.39
at 102.26. The June 30-year T-bond is up 10/32nds, while June gold is down
$9.90 at $1,855.50 and July crude oil is up $1.04 at $110.81. On China's Dalian
exchange, September corn was down 0.9%, July soybeans were up 0.3%, September
soybean meal was down 0.4% and September soybean oil was up 0.8%. June
Malaysian palm oil is trading down 1.5%.
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