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DTN Early Word Grains         01/20 05:53
   Grains Mixed Overnight but Holding Wednesday Surge

   March corn is down 2 1/2 cents per bushel, March soybeans are up 2 3/4
cents, and March KC wheat is down 5 cents.

Tregg Cronin
DTN Contributing Analyst

   Pre-6 a.m. Globex Prices: March corn is down 2 1/2 cents per bushel, March
soybeans are up 2 3/4 cents, and March KC wheat is down 5 cents.

   CME Globex Recap: Mixed trade in equities overnight while U.S. futures are
indicating a stronger open later Thursday morning. The conflict in the Black
Sea is literally front page news with the Wall Street Journal carrying the
headline "Biden... Threatens Putin Over Ukraine." In a press conference
Wednesday, President Biden appeared to suggest Russian President Putin will
invade Ukraine, despite the threat of economic sanctions. Energy markets are
lightly weaker but mostly holding the gains of the week. The U.S. Dollar Index
is firmer overnight and maintaining its short-term uptrend. Metals are mostly
higher with copper and silver up while gold trades off slightly. Grains are
mixed with corn and wheat mostly lower while the soy complex holds small gains.
Importantly the big gains of the previous session are being held so far.

   OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones
Industrial Average down 339.82 at 35,028.65 and the S&P 500 down 44.35 at
4,577.11 while the 10-Year Treasury yield ended at 1.827%. Early Thursday, the
March DJIA futures are up 145 points. Asian markets are mixed with Japan's
Nikkei 225 up 305.7 (1.11%) and China's Shanghai Composite down 3.12 points
(-0.09%). European markets are mixed with London's FTSE 100 down 3.67 points
(-0.05%), Germany's DAX up 28.9 points (0.18%) and France's CAC 40 down 5.9
points (-0.08%). The March Euro is down 0.001 at 1.140 and the March U.S.
dollar index is up 0.115 at 95.615. The March 30-Year T-Bond is down 5/32nds,
while February gold is down $5.10 at $1,838.10 and March crude oil is down
$0.03 at $85.77. Soybeans on China's Dalian Exchange were up 1.94% while
soybean meal was up 1.63% and corn was up 0.55%.
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