DTN Early Word Grains         08/25 05:48
   Lower Crop Ratings Thicken the Overall Bullish Plot for Corn

   December corn is down 1/2 cent per bushel, November soybeans are down 4 1/4
cents, December KC wheat is down 9 3/4 cents, December Chicago wheat is down 5
1/2 cents, and MIAX December Minneapolis wheat is down 0.0475 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: December corn is down 1/2 cent per bushel,
November soybeans are down 4 1/4 cents, December KC wheat is down 9 3/4 cents,
December Chicago wheat is down 5 1/2 cents, and MIAX December Minneapolis wheat
is down 0.0475 cents.

   CME GLOBEX RECAP: On Monday, December corn rose 7 cents, November soybeans
dropped 15 1/4 cents, and September KC wheat dropped 5 3/4 cents. Corn and hard
red winter wheat basis was steady Monday, while soybean, soft red winter wheat
and spring wheat basis was stronger. Monday's futures trading saw corn rise to
new 2026 highs before fading from those highs late in the session. Corn prices
remain underpinned by last week's crop tour yield estimates that were sharply
lower than the current USDA estimates. That same tour's higher yield estimate
for soybeans is putting pressure on that market. Wheat traders moved the market
to both sides of zero on Monday, prompting slight profit-taking. On paper, the
corn market has a bullish story going forward, with tighter supplies projected
combined with continued demand strength. For soybeans, yield monitors and
anticipation of next month's U.S.-China trade summit may dictate price
direction. The global geopolitical situations that unfortunately can't seem to
resolve themselves may keep support for the wheat market under pressure into
the fall.

   OUTSIDE MARKETS: The previous close on Monday showed the Dow Jones
Industrial Average up 140.15 points to 53,417.16 and the S&P 500 down 21.51
points to 7,652.86. The 10-Year Treasury yield ended at 4.704%. Early Tuesday,
the September Dow Jones Futures are up 252 points. European markets are higher,
with the spot futures of London's FTSE 100 trading up 0.13%, spot futures of
Germany's DAX are trading up 0.71%, and the spot futures of France's CAC 40
Index are up 0.39%. Asian markets are higher, with Japan's Nikkei 225 Index up
0.5% and China's Shanghai Composite Index up 0.19%.