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DTN Early Word Grains         07/25 05:56
   Forecasts and Conditions Square Off Overnight

   December corn was 3 cents lower, November soybeans were 8 cents higher, and
September Minneapolis (HRS) wheat was 13 cents lower.

By Darin Newsom
DTN Senior Analyst

6:00 a.m. CME Globex:   December corn was 3 cents lower, November soybeans were
8 cents higher, and September Minneapolis (HRS) wheat was 13 cents lower.

CME Globex Recap:   After a sharply higher Monday evening open corn spent much
of the session through early morning in reverse while soybeans fought to hold
the minimum double-digit gain. The initial catalyst was NASS' lower weekly crop
condition numbers with pressure tied to forecasts that have taken some of the
extreme heat out of the U.S. Midwest. In other news the FOMC starts a two-day
meeting Tuesday though odds are not favoring an interest rate increase. The
U.S. dollar index was under light pressure while DJIA futures were higher.

OUTSIDE MARKETS:   The Dow Jones Industrial Average closed 66.90 points (0.3%)
lower at 21,513.17, the NASDAQ Composite gained 23.05 points (0.4%) to
6,410.81, and the S&P 500 slipped 2.63 points (0.1%) to 2,469.91 Monday. DJIA
futures were 19 points higher early Tuesday morning. Asian markets closed
mostly lower with Japan's Nikkei down 20.47 points (0.1%), Hong Kong's Hang
Seng gaining 5.22 points, and China's Shanghai Composite off 6.91 points
(0.2%). European markets were trading higher with London's FTSE 100 adding
63.56 points (0.9%), Germany's DAX up 57.99 points (0.5%), and France's CAC 40
gaining 45.96 points (0.9%). The euro was 0.0008 higher at 1.1652 while the
U.S. dollar index dipped 0.04 to 94.00. September 30-year T-Bonds were 13/32
lower at 153'27 while August gold lost $3.90 to $1,250.40. Crude oil was $0.55
higher at $46.89 while Brent crude added $0.56 to $49.16. China's Dalian
soybean and Malaysian palm oil futures were both higher overnight.
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