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DTN Early Word Grains         09/18 05:58
   Grains Higher Midweek

   December corn is up 1 3/4 cents per bushel, November soybeans are up 1 1/2
cents, and December K.C. wheat is up 2 3/4 cents.

By Tregg Cronin
DTN Contributing Analyst

6:00 a.m. CME Globex:   December corn is up 1 3/4 cents per bushel, November
soybeans are up 1 1/2 cents, and December K.C. wheat is up 2 3/4 cents.

CME Globex Recap:   Following a record setting surge in prices Sunday night,
crude oil prices fell sharply Tuesday and are continuing that weakness
Wednesday. After reports suggested half of Saudi Arabia's oil production could
be offline for months, Tuesday the Kingdom said full oil production would
restored by the weekend, sending markets spiraling. Fortunately, it would
appear ideas of going to war in the near-term, especially including the U.S.,
are off the table. The Federal Reserve will announce its latest policy measure
Wednesday afternoon with investors expecting the central bank to cut rates by
another 25 basis points. Grains are higher as they haven't paid much mind to
the volatile energy markets the last 48-72 hours. Warm weather should continue
to blanket the Midwest into the first week of October, a major victory for
delayed crops. Trade negotiations remain front and center, although nothing
fresh to report from the deputy level negotiations still ongoing. Slowly, but
surely, the focus will shift to South American planting conditions which could
be the best catalyst to propel soybeans higher if another year of record
production isn't a given in Brazil.

OUTSIDE MARKETS:   Previous closes Tuesday showed the Dow Jones Industrial
Average up 33.98 at 27,110.80 and the S&P 500 up 7.74 at 2,997.96 while the
10-Year Treasury yield ended at 1.812%. Early Wednesday, the September DJIA
futures are down 27 points. Asian markets are mixed with Japan's Nikkei 225
down 40.61 (-0.18%) and China's Shanghai Composite up 7.54 points (0.25%).
European markets are higher with London's FTSE 100 up 10.26 points (0.14%),
Germany's DAX up 11.99 points (0.1%) and France's CAC 40 up 8.28 points
(0.15%). The December Euro is down 0.002 at 1.110 and the December U.S. dollar
index is up 0.161 at 97.980. The December 30-Year T-Bond is up 24/32nds, while
December gold is down $4.20 at $1,509.20 and October crude oil is down $0.44 at
$58.90. Soybeans on China's Dalian Exchange were up 0.26% while soybean meal
was up 0.59%.
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