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DTN Early Word Grains         06/25 06:01
   Grains Rally on Progress, Condition Numbers

   July corn is up 4 1/2 cents, July soybeans are up 6 3/4 cents, and September
K.C. wheat is up 3 1/2 cents.

By Tregg Cronin
DTN Contributing Analyst

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

CME Globex Recap:   Easier equity markets around the globe Tuesday morning
although we continue to watch the U.S. Dollar Index which made fresh lows
overnight and is trading at the lowest levels since March 21. Expectations for
an interest rate cut by the Federal Reserve at next month's FOMC meeting is
keeping pressure on the greenback, supportive for commodities. Energy markets
are consolidating after last week's impressive run. Grain markets are higher
across the board Tuesday morning, supported by another round of bullish
progress and condition numbers from the USDA. That said, one would have thought
the overnight response would have been even stronger given the data seen for
soybeans. Slowly, but surely, the supply situation is growing more and more
concerning for the soybean market, begging traders to ask the question what
price would be if we weren't contending with African Swine Fever and a trade
war? Consolidation in front of the USDA reports seemed likely but new highs,
especially in soybeans, are not very far away.

OUTSIDE MARKETS:   Previous closes on Monday showed the Dow Jones Industrial
Average up 8.41 at 26,727.54 and the S&P 500 down 5.11 at 2,950.46 while the
10-Year Treasury yield ended at 2.021%. Early Tuesday, the September DJIA
futures are down 30 points. Asian markets are lower with Japan's Nikkei 225
down 92.18 (-0.43%) and China's Shanghai Composite down 26.07 points (-0.87%).
European markets are lower with London's FTSE 100 down 19.73 points (-0.27%),
Germany's DAX down 13.11 points (-0.11%) and France's CAC 40 down 8.51 points
(-0.15%). The September Euro is down 0.002 at 1.150 and the September U.S.
dollar index is up 0.038 at 95.525. The September 30-Year T-Bond is up 6/32nds,
while August gold is up $16.10 at $1,434.30 and August crude oil is down $0.31
at $57.59. Soybeans on China's Dalian Exchange were up 2.24% while soybean meal
was up 0.21%.
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