DTN Early Word Grains         04/29 07:34
   Wheat's Rally Grows Legs, Pulls Up Corn

   July corn is up 1 1/4 cents per bushel, July soybeans are up 4 cents, July
KC wheat is up 8 1/4 cents, July Chicago wheat is up 5 cents, and MIAX July
Minneapolis wheat is up 0.0625 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: July corn is up 1 1/4 cents per bushel,
July soybeans are up 4 cents, July KC wheat is up 8 1/4 cents, July Chicago
wheat is up 5 cents, and MIAX July Minneapolis wheat is up 0.0625 cents.

   CME Globex Recap: On Tuesday, July corn rose 6 1/4 cents, July soybeans
declined 2 3/4 cents, and July KC wheat rose 27 cents. Corn, spring wheat, and
hard red winter wheat basis levels were stronger on Tuesday, while soybean and
soft red winter wheat basis levels were steady. The wheat market rally is
cemented in deteriorating crop conditions in the HRW wheat region. Corn is
riding the coattails of wheat. The July contract has moved higher in six of the
past seven sessions. Soybean prices remain stuck in a channel. The fastest
planting pace since the 1980s is keeping a cap on soybean rallies. Updated
weather forecasts through the end of April and into the start of May will grip
traders' attention on price direction. Meanwhile, gas prices hit a four-year
high on Tuesday amid stalled peace talks between the U.S. and Iran. Also on
Tuesday, crude oil reached $110 per barrel for the first time in three weeks.
Wednesday, the EIA will release the weekly Petroleum Status report at 9:30 a.m.
CDT, including last week's ethanol production. In the afternoon, the FOMC will
announce its interest rate decision and Fed Chair Jerome Powell will speak
afterward, at 1:30 p.m. CDT.

   OUTSIDE MARKETS: The previous close on Tuesday showed the Dow Jones
Industrial Average down 25.86 points at 49,141.93, and the S&P 500 down 35.11
points at 7,138.80. The 10-Year Treasury yield ended at 4.354%. Early
Wednesday, the June Dow Jones Futures are down 40 points. European markets are
lower, with spot futures of London's FTSE 100 down 0.76%, spot futures of
Germany's DAX down 0.43%, and spot futures of France's CAC 40 Index down 0.69%.
Asian markets are mixed, with Japan's Nikkei 225 Index steady and China's
Shanghai Composite Index up 0.71%.