DTN Early Word Grains         05/20 05:52
   Row-crop Markets Digest Bearish Crop Weather to End May

   July corn is down 1 1/2 cents per bushel, July soybeans are down 2 3/4
cents, July KC wheat is up 1 3/4 cents, July Chicago wheat is up 4 cents, and
MIAX July Minneapolis wheat is up 0.0125 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: July corn is down 1 1/2 cents per bushel,
July soybeans are down 2 3/4 cents, July KC wheat is up 1 3/4 cents, July
Chicago wheat is up 4 cents, and MIAX July Minneapolis wheat is up 0.0125 cents.

   CME Globex Recap: On Tuesday, July corn dropped 1 3/4 cents, July soybeans
fell 3 1/2 cents, and July KC wheat was unchanged. Corn basis was stronger on
Tuesday, while soybean, spring wheat, soft red winter wheat, and hard red
winter wheat basis were steady. Tuesday's farm markets started the session
higher and then faded, with enough bullishness to trim losses. As it appears
the tension in the Middle East has calmed, for now, traders will focus on the
U.S. crops' growing weather going forward. Crude oil prices have retreated but
remain elevated. On Wednesday, the EIA will release the Petroleum Status Report
at 9:30 a.m. CDT, including last week's ethanol production. No other major
reports are scheduled, and traders will continue to monitor planting and
growing season weather, along with the ongoing conflict in the Middle East.

   OUTSIDE MARKETS: The previous close on Tuesday showed the Dow Jones
Industrial Average down 322.24 points at 49,363.88, and the S&P 500 down 49.44
points at 7,353.61. The 10-Year Treasury yield ended at 4.667%. Early
Wednesday, the June Dow Jones Futures are up 67 points. European markets are
mixed, with the spot futures of London's FTSE 100 trading down 0.01%, the spot
futures of Germany's DAX trading up 0.25%, and the spot futures of France's CAC
40 Index trading up 0.5%. Asian markets are lower, with Japan's Nikkei 225
Index down 1.23% and China's Shanghai Composite Index down 0.18%.