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DTN Early Word Grains         07/09 06:01
   Grains Rally as Weather Remains Concerning

   December corn is up 5 cents per bushel, November soybeans are up 6 1/2
cents, and September KC wheat is up 4 cents.

Tregg Cronin
DTN Contributing Analyst

   Pre-6 a.m. Globex Prices:  December corn is up 5 cents per bushel, November
soybeans are up 6 1/2 cents, and September KC wheat is up 4 cents.

   CME Globex Recap: Equities are lightly mixed around the globe overnight with
U.S. futures mostly consolidating in recent ranges. Energy markets are mixed to
lower as crude oil continues to be tethered to the $40.00 per barrel mark,
unable to move too far away in either direction. The U.S. Dollar Index is
firmer, but has been trending lower of late, closing in on the June lows which
were the lowest trade since mid-March. U.S. grain exports could use a bit more
dollar weakness in the days and weeks ahead. Precious metals are firmer as gold
consolidates just below its nine-year high set Wednesday. Grain markets are
stronger across the board, led by corn futures which are up over 1.5% in the
September contract. Both the GFS and European models trended drier and warmer
for mid-July overnight, adding anxiety for fund shorts which are still
plentiful. Weather watchers are making some dire comparisons to below-trend
analog years which is providing plenty of fodder for bulls.

   OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones
Industrial Average up 177.10 at 26,067.28 and the S&P 500 up 24.62 at 3,145.32
while the 10-Year Treasury yield ended at 0.653%. Early Thursday, the September
DJIA futures are down 70 points. Asian markets are higher with Japan's Nikkei
225 up 90.64 (0.4%) and China's Shanghai Composite up 47.15 points (1.39%).
European markets are mixed with London's FTSE 100 down 35.34 points (-0.57%),
Germany's DAX up 126.81 points (1.01%) and France's CAC 40 up 1.36 points
(0.03%). The September Euro is down 0.001 at 1.130 and the September U.S.
dollar index is up 0.087 at 96.455. The September 30-Year T-Bond is down
0/32nds, while August gold is up $2.10 at $1,822.70 and August crude oil is
down $0.19 at $40.71. Soybeans on China's Dalian Exchange were up 1.39% while
soybean meal was up 0.1%.
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