DTN Early Word Grains         05/29 05:54
   Row-Crop Markets Head Into June With Bearish Crop Weather Stance

   EARLY MORNING GLOBEX NET CHANGES: July corn is down 2 1/4 cents per bushel,
July soybeans are up 2 cents, July KC wheat is down 2 3/4 cents, July Chicago
wheat is steady, and MIAX July Minneapolis wheat is down 0.0125 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: July corn is down 2 1/4 cents per bushel,
July soybeans are up 2 cents, July KC wheat is down 2 3/4 cents, July Chicago
wheat is steady, and MIAX July Minneapolis wheat is down 0.0125 cents.

   CME GLOBEX RECAP: On Thursday, July corn rose 3 1/4 cents, July soybeans
rose 9 1/4 cents, and July KC wheat was down 4 1/4 cents. Soybean and hard red
winter wheat basis were stronger Thursday, while corn and spring wheat basis
were steady, and soft red winter wheat basis was weaker. Corn, soybeans, and
soy products finished firm on Thursday with Kansas City wheat down for a sixth
consecutive day, and all three wheat markets were lower. July corn was able to
bounce above the major support area of $4.50, and July beans likewise stayed
above the $11.80 area. There was a dearth of news as traders await a solid
peace plan with Iran and China's return to U.S. ag markets. News sources
indicate a memorandum of understanding (MOU) has been reached with Iran for a
60-day extension of the ceasefire and for nuclear negotiations to continue, but
it is awaiting presidential approval. On Friday, USDA will release its weekly
Export Sales report at 7:30 a.m. CDT, delayed by one day due to Monday's
holiday. In the afternoon, CFTC will release the weekly Commitments of Traders
report, updating trader positions as of May 26.

   OUTSIDE MARKETS: The previous close on Thursday showed the Dow Jones
Industrial Average up 24.69 points to 50,668.97 and the S&P 500 up 43.27 points
to 7,563.63. The 10-Year Treasury yield ended at 4.455%. Early Friday, the June
Dow Jones Futures are up 71 points. European markets are higher, with the spot
futures of London's FTSE 100 trading up 0.17%, spot futures of Germany's DAX
are trading up 0.18%, and the spot futures of France's CAC 40 Index are up
0.9%. Asian markets are mixed, with Japan's Nikkei 225 Index up 2.53% and
China's Shanghai Composite Index down 0.73%. The June Euro is down 0.001 at
1.165, and the June U.S. Dollar Index is up 0.101 at 99.070.  The June 30-Year
T-Bond is up 3/32nds, while August gold is up $26.70 at $4,559.10 and July
crude oil is down $1.40 at $87.50. On China's Dalian Exchange, July corn was up
0.61% while July soybeans were down 1.24%, September soybean meal was up 0.57%,
and August Malaysian Palm Oil was trading down 0.04%.