DTN Early Word Grains         07/07 05:48
   Grains Gap Lower as Traders Return From Holiday Break as Avid Sellers

   September corn is down 12 1/4 cents and August soybeans are down 19 1/4
cents. September KC wheat is down 11 3/4 cents, September Chicago wheat is down
12 1/4 cents, and September MIAX Minneapolis wheat is down 7 3/4 cents.

Rhett Montgomery
DTN Lead Analyst

   EARLY MORNING GLOBEX NET CHANGES: September corn is down 12 1/4 cents and
August soybeans are down 19 1/4 cents. September KC wheat is down 11 3/4 cents,
September Chicago wheat is down 12 1/4 cents, and September MIAX Minneapolis
wheat is down 7 3/4 cents.

   CME GLOBEX RECAP: It did not take traders long on Sunday evening to begin
unwinding last week's price rebound seen in U.S. crop markets as futures gapped
lower on Sunday evening to begin the week and are suffering double digit losses
early Monday. Traders were disappointed after President Trump made no further
announcement of agriculture specific trade deals at a rally in Iowa last
Thursday. A shift in investor and trader focus back to tariffs ahead of the
original 90-day pause deadline this week added a layer of anxiety which was
felt across most commodities as trade resumed Sunday, with energy markets lower
out of the gate as well. Add in another week of steady rainfall chances across
the U.S. Grain Belt and traders are seeing very little reason to extend last
week's short covering feature into the new week. It will of course be important
to monitor the trade when day traders return to their desks Monday morning to
see if there is any disagreement with the overnight price action.

   OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial
Average up 344.11 at 44,828.53 and the S&P 500 Index up 51.93 at 6,279.35. The
10-Year Treasury yield ended at 4.35%. Early Monday, September Dow Jones
futures are down 17 points. European markets are mixed to higher with the spot
futures of the London FTSE 100 trading up 0.02%, spot futures of Germany's DAX
trading up 0.58% and spot futures of France's CAC Index trading down 0.76%.
Asian markets are mixed with Japan's Nikkei 225 index down 0.56% and China's
Shanghai Composite Index up 0.02%.