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DTN Early Word Grains         06/20 05:46
   Grain Markets Lower as Traders Assess Rainfall Chances for the ECB Next Week

   July corn is down 1 1/4 cents per bushel, July soybeans are down 1 1/4
cents, July KC wheat is down 4 1/4 cents, July Chicago wheat is down 7 cents
and September Minneapolis wheat is down 5 cents.

Kent Beadle, DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: July corn is down 1 1/4 cents per bushel,
July soybeans are down 1 1/4 cents, July KC wheat is down 4 1/4 cents, July
Chicago wheat is down 7 cents and September Minneapolis wheat is down 5 cents.

   CME GLOBEX RECAP: World equity markets are mixed but mostly higher Thursday
morning, with the S&P 500 and the NASDAQ looking to build on new lifetime highs
set on Tuesday. Lower interest rates that have been driven by a series of
"weaker than expected" economic news has helped to increase expectations for a
rate cut from the Federal Reserve, despite their consistent messaging that we
are in a "higher for longer" period. On Tuesday, retail sales were the latest
major report to come in a little worse than anticipated. Thursday morning, we
will see initial jobless claims, housing starts, and building permits.

   OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial
Average up 56.76 at 38,834.86 and the S&P 500 up 13.80 at 5,487.03, The 10-Year
Treasury yield ended at 4.22%. Early Thursday, the June Dow Jones Futures are
up 39 points. European markets are higher with the spot futures of London's
FTSE 100 trading up 0.23%, spot futures of Germany's DAX is trading up 0.66%
and the spot futures of France's CAC 40 Index up 0.84%. Asian markets are mixed
with Japan's Nikkei 225 Index up 0.16% and China's Shanghai Composite Index
down 0.42%.
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