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DTN Early Word Grains         06/15 05:57
   Grains Mostly Weaker as Weather Pattern Change Looms

   July corn is up 3/4 cent per bushel, July soybeans are up 10 1/4 cents, and
July KC wheat is down 11 cents.

Tregg Cronin
DTN Contributing Analyst

   Pre-6 a.m. Globex Prices: July corn is up 3/4 cent per bushel, July soybeans
are up 10 1/4 cents, and July KC wheat is down 11 cents.

   CME Globex Recap: Mostly higher equity trade overnight with investors
waiting for the beginning of the two-day FOMC meeting in the United States to
see if Fed officials start to discuss when they will begin quantitative easing.
Things are so well telegraphed these days, any action from the Federal Reserve
should not be a complete surprise, but financial markets have also become
especially sensitive as investors get used to the era of cheap and easy money.
Energy markets are mixed to higher overnight as the overall trend remains up.
The U.S. Dollar Index is slightly higher overnight with long-term moving
averages resting just overhead. Precious metals are all weaker overnight. Grain
markets are mostly weaker overnight with the exception of old crop soybeans and
soybean oil. The prospect of a pattern change across the Midwest is more of a
threat than declining crop conditions, at least until traders can see if
patterns verify or not next week.

   OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average down 85.85 at 34,393.75 and the S&P 500 up 7.71 at 4,247.44 while the
10-Year Treasury yield ended at 1.501%. Early Tuesday, the June DJIA futures
are up 16 points. Asian markets are mixed with Japan's Nikkei 225 up 279.5
(0.96%) and China's Shanghai Composite down 33.19 points (-0.92%). European
markets are higher with London's FTSE 100 up 22.87 points (0.33%), Germany's
DAX up 101.55 points (0.65%) and France's CAC 40 up 34.95 points (0.53%). The
June Euro is up 0.002 at 1.210 and the June U.S. dollar index is down 0.075 at
90.475.  The September 30-Year T-Bond is up 8/32nds, while August gold is down
$0.80 at $1,865.10 and July crude oil is up $0.17 at $71.05. Soybeans on
China's Dalian Exchange were down -5.7% while soybean meal was down -3.9% and
corn was down -1.82%.
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