DTN Early Word Grains         06/11 05:47
   USDA Data to Lean Neutral to Bearish on Thursday, Analysts Say

   July corn is down 1 3/4 cents per bushel, July soybeans are down 1 1/2
cents, July KC wheat is down 2 cents, July Chicago wheat is down 3/4 cent, and
MIAX September Minneapolis wheat is up 0.0100 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: July corn is down 1 3/4 cents per bushel,
July soybeans are down 1 1/2 cents, July KC wheat is down 2 cents, July Chicago
wheat is down 3/4 cent, and MIAX September Minneapolis wheat is up 0.0100 cents.

   CME GLOBEX RECAP: On Wednesday, July corn dropped 1/2 cent, July soybeans
rose 9 1/4 cents, and July KC wheat was down 1/4 cent. Soybean, soft red winter
wheat, corn, hard red winter wheat, and spring wheat basis were stronger on
Wednesday. Soybeans led the way on Wednesday as the selloff subsided.
Technically, the markets attracted buying after prices reached an oversold
position. However, the elephant in the room, favorable crop weather through the
middle of June, remains a bearish fundamental. Outside markets were higher with
the U.S. launching retaliatory strikes against Iran on Tuesday and President
Trump stating that attacks will continue. On Thursday, traders will digest
monthly data from the release of the USDA WASDE and Crop Production Reports. In
general, the trade expects the USDA to leave production estimates unchanged,
while slightly tweaking ending stocks toward the bullish side. Also Thursday,
USDA will release the weekly Export Sales report at 7:30 a.m. CDT.

   OUTSIDE MARKETS: The previous close on Wednesday showed the Dow Jones
Industrial Average down 953.33 points to 49,918.78 and the S&P 500 down 119.66
points to 7,266.99. The 10-Year Treasury yield ended at 4.542%. Early Thursday,
the June Dow Jones Futures are up 390 points. European markets are higher, with
the spot futures of London's FTSE 100 trading up 0.75%, spot futures of
Germany's DAX are trading up 0.14%, and the spot futures of France's CAC 40
Index are up 0.85%. Asian markets are mixed, with Japan's Nikkei 225 Index up
0.06% and China's Shanghai Composite Index down 0.16%.