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DTN Early Word Grains         03/20 05:58
   Wheat Leads Strength on Brazilian Buying Comments, Firm Cash

   May corn is up 1/2 cents per bushel, May soybeans are down 1 1/2 cents, and
May K.C. wheat is up 5 cents.

By Tregg Cronin
DTN Contributing Analyst

6:00 a.m. CME Globex:   May corn is up 1/2 cents per bushel, May soybeans are
down 1 1/2 cents, and May K.C. wheat is up 5 cents.

CME Globex Recap:   Equities are mixed around the globe while U.S. futures are
trading cautiously ahead of the Federal Reserve announcement Wednesday
afternoon and the next round of trade talks in Beijing next week. Some
encouraging comments from the U.S.-Brazilian summit yesterday, but markets
hardly need another trade situation to pay attention to at the moment. The
focus in the grain room continues to be Chinese trade talks and Midwest
flooding, both of which are hard to quantify today. Short-term effects from the
flooding are bearish as demand is lost while longer-term effects could be
supportive if prevent plant acres rise. Traders are also considering how useful
the USDA's March 29 Prospective Plantings report can be given current field
conditions across the Midwest.

OUTSIDE MARKETS:   Previous closes on Tuesday showed the Dow Jones Industrial
Average down 26.72 at 25,887.38 and the S&P 500 down 0.37 at 2,832.94 while the
10-Year Treasury yield ended at 2.614%. Early Wednesday, the June DJIA futures
are up 2 points. Asian markets are mixed with Japan's Nikkei 225 up 42.07
(0.2%) and China's Shanghai Composite down 0.33 points (-0.01%). European
markets are lower with London's FTSE 100 down 7.4 points (-0.1%), Germany's DAX
down 136.27 points (-1.16%) and France's CAC 40 down 9.06 points (-0.17%). The
June Euro is up 0.000 at 1.140 and the June U.S. dollar index is up 0.079 at
95.910. The June 30-Year T-Bond is up 7/32nds, while April gold is down $3.50
at $1,303.00 and May crude oil is down $0.52 at $58.77. Soybeans on China's
Dalian Exchange were down -0.38% while soybean meal was down -0.67%.
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