DTN Early Word Grains         07/09 05:45
   Traders Eye Weather, USDA Data, China Demand for Price Direction

   December corn is down 5 1/4 cents per bushel, November soybeans are down 5
cents, September KC wheat is down 3 cents, September Chicago wheat is down 1
1/2 cents, and MIAX September Minneapolis wheat is up 0.0025 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: December corn is down 5 1/4 cents per
bushel, November soybeans are down 5 cents, September KC wheat is down 3 cents,
September Chicago wheat is down 1 1/2 cents, and MIAX September Minneapolis
wheat is up 0.0025 cents.

   CME GLOBEX RECAP: On Wednesday, September corn dropped 8 3/4 cents, November
soybeans dropped 5 1/2 cents, and September KC wheat dropped 7 1/2 cents. Corn
basis was stronger, while hard red winter, hard red spring wheat, and soybean
basis were steady on Wednesday, and soft red winter wheat basis was weaker.
Wednesday's trading theme was profit-taking. Earlier this week, traders bought
the rumor that China would buy U.S. soybeans, and on Wednesday, they sold the
fact that China had bought them. In fact, China bought 472,000 metric tons (mt)
of soybeans, mostly for the 2026-2027 marketing year. While soybean prices
dropped, soybean oil benefited from rising crude oil prices amid a return of
U.S. attacks on Iran. Traders will now watch for two key market movers: updated
weather forecasts and Friday's USDA July Supply/Demand and WASDE Reports. While
the crop-weather outlook for July leans neutral to bullish, the USDA's monthly
data may show little change in U.S. acreage estimates from last month. The
demand side of the balance sheets on Friday may be price supportive for corn
and soybeans. On Thursday, USDA will release its weekly Export Sales report at
7:30 a.m. CDT, which will be of particular interest to the soybean market as a
gauge of recent demand from China. At 2 p.m. CDT, USDA will also release its
weekly Slaughter report.

   OUTSIDE MARKETS: The previous close on Wednesday showed the Dow Jones
Industrial Average down 576.76 at 52,348.39 and the S&P 500 down 21.14 at
7,482.71. The 10-Year Treasury yield ended at 4.569%. Early Thursday, the
September Dow Jones Futures are down 6 points. European markets are mixed, with
the spot futures of London's FTSE 100 trading down 0.47%, the spot futures of
Germany's DAX trading up 0.32%, and the spot futures of France's CAC 40 Index
trading up 0.21%. Asian markets are higher, with Japan's Nikkei 225 Index up
1.38% and China's Shanghai Composite Index up 1.65%.