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DTN Early Word Grains         07/24 05:48
   Grain Markets Mixed on Heels of Large, Two-Day Rally in Corn, Soybeans

   December corn is steady, November soybeans are down 4 1/2 cents, September
KC wheat is down 2 1/4 cents, September Chicago wheat is up 1/2 cent and
September Minneapolis wheat is down 2 1/2 cents.

Kent Beadle, DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: December corn is steady, November soybeans
are down 4 1/2 cents, September KC wheat is down 2 1/4 cents, September Chicago
wheat is up 1/2 cent and September Minneapolis wheat is down 2 1/2 cents.

   CME GLOBEX RECAP: World equity markets are lower Wednesday morning as PMI
readings from Germany were very weak, while other countries had PMI's that were
lower than trade expectations. U.S. markets are also lower after a choppy day
on Tuesday that ultimately saw all U.S. markets close on the negative side. On
Tuesday, the U.S. saw a decline in new home sales that were below trade
expectations. This indicates a weakening economy, but it also is data that
could help the Fed decide to lower rates sooner. We will get inventory reports,
new home sales, and U.S. flash PMI's Wednesday morning.

   OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial
Average down 57.35 at 40,358.09 and the S&P 500 down 8.67 at 5,555.74. The
10-Year Treasury yield ended at 4.24%. Early Wednesday, the September Dow Jones
Futures are down 163 points. European markets are lower with the spot futures
of London's FTSE 100 trading down 0.12%, spot futures of Germany's DAX is
trading down 0.61% and the spot futures of France's CAC 40 Index down 1.54%.
Asian markets are lower with Japan's Nikkei 225 Index down 1.11% and China's
Shanghai Composite Index down 0.46%.
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