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DTN Early Word Grains         03/21 05:54
   Grains Higher Inside Ranges as Flooding, USDA Loom Large

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

By Tregg Cronin
DTN Contributing Analyst

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

CME Globex Recap:   Equities are mixed to weaker overnight despite the dovish
tone from the Federal Reserve at their conclusion of their meeting Wednesday.
The Fed indicated they will refrain from raising rates the rest of the year in
the face of waning economic momentum in the U.S. and abroad. In addition, the
fed-dot plot sees only one interest rate increase in 2020. Even though this is
likely to lead to easier money for longer, investors must have been more
concerned about the slow growth part of the equation as equities reacted
negatively on Wednesday. Grains still have their attention on flooding and
trade talks, neither of which are quantifiable today. Ranges have likely been
set ahead of the March 29 USDA reports as heavy shorts held by funds go
head-to-head with the farmer who is uninterested in selling these prices.

OUTSIDE MARKETS:   Previous closes on Wednesday showed the Dow Jones Industrial
Average down 141.71 at 25,745.67 and the S&P 500 down 8.34 at 2,832.57 while
the 10-Year Treasury yield ended at 2.535%. Early Thursday, the June DJIA
futures are down 22 points. Asian markets are higher with Japan's Nikkei 225 up
42.07 (0.2%) and China's Shanghai Composite up 10.81 points (0.35%). European
markets are mixed with London's FTSE 100 up 27.6 points (0.38%), Germany's DAX
down 38.35 points (0.33%) and France's CAC 40 down 5.24 points (0.1%). The June
Euro is down 0.004 at 1.150 and the June U.S. dollar index is up 0.324 at
95.525. The June 30-Year T-Bond is up 8/32nds, while April gold is up $15.90 at
$1,317.60 and May crude oil is down $0.12 at $60.11. Soybeans on China's Dalian
Exchange were down -0.06% while soybean meal was up 0.08%.
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