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DTN Early Word Grains         06/18 05:56
   Grains Rally Back Following Thursday Lashing

   July corn is up 10 1/2 cents per bushel, July soybeans are up 56 cents, and
July KC wheat is up 17 1/2 cents.

Tregg Cronin
DTN Contributing Analyst

   Pre-6 a.m. Globex Prices: July corn is up 10 1/2 cents per bushel, July
soybeans are up 56 cents, and July KC wheat is up 17 1/2 cents.

   CME Globex Recap: Mixed equity trade overnight with U.S. futures flat to
slightly higher. For the week-to-date, the Dow Jones Industrial Average is off
3.3% which is on-track for its worst week since January. Investors have
certainly had a shift in mentality following the two-day FOMC meeting earlier
this week and a "taper tantrum" is probably an accurate description of the
action since Wednesday. Energy markets are weaker overnight with crude oil
almost $2 per barrel off its highest set Wednesday. The U.S. Dollar Index has
been bid most of the week but has reversed slightly overnight. Metals are
higher overnight, led by silver which is up 2.4%. Grain markets are all solidly
higher overnight, led by the soy complex with soybean oil up 3-5%. Grains have
been so incredibly volatile of late, it's hard to take anything off the table
with respect to this Friday close.

   OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial
Average down 210.22 at 33,823.45 and the S&P 500 down 1.84 at 4,223.70 while
the 10-Year Treasury yield ended at 1.511%. Early Friday, the September DJIA
futures are up 17 points. Asian markets are lower with Japan's Nikkei 225 down
54.25 (-0.19%) and China's Shanghai Composite down 0.51 points (-0.01%).
European markets are lower with London's FTSE 100 down 31.44 points (-0.44%),
Germany's DAX down 43.08 points (-0.27%) and France's CAC 40 up 8 points
(0.12%). The September Euro is up 0.001 at 1.190 and the September U.S. dollar
index is up 0.002 at 91.875.  The September 30-Year T-Bond is up 12/32nds,
while August gold is up $18.20 at $1,793.00 and July crude oil is down $0.22 at
$70.82. Soybeans on China's Dalian Exchange were down -2% while soybean meal
was down -2.38% and corn was down -1.98%. Malaysian palm oil closed up 2.3%.
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