DTN Early Word Grains         06/18 05:55
   Traders Position Ahead of a Long Holiday Weekend

   July corn is down 3 1/2 cents per bushel, November soybeans are down 8
cents, September KC wheat is up 1/2 cent, September Chicago wheat is down 1 3/4
cents, and MIAX September Minneapolis wheat is up 0.0575 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: July corn is down 3 1/2 cents per bushel,
November soybeans are down 8 cents, September KC wheat is up 1/2 cent,
September Chicago wheat is down 1 3/4 cents, and MIAX September Minneapolis
wheat is up 0.0575 cents.

   CME GLOBEX RECAP: On Wednesday, July corn rose 7 1/4 cents, July soybeans
rose 2 cents, and July KC wheat rose 18 3/4 cents. Soybean and corn basis were
stronger on Wednesday, while hard red winter wheat was steady, and spring wheat
and soft red winter wheat basis were steady. The row-crop markets rallied on
Wednesday, with the soybean market holding to marginal gains despite bearish
influence from the products markets. Additionally, the USDA announced a flash
sale of soybeans to an unknown buyer (believed to be China). The soybean market
has finished higher on three consecutive sessions. Wheat traders bought the
market due to heat concerns in Europe and signals of China's interest in U.S.
wheat. On Wednesday, the Federal Reserve voted to hold interest rates steady in
an almost universally expected move. With the CME Group agricultural markets
closed on Friday due to a holiday, traders will position on Thursday for a long
weekend ahead. USDA on Thursday will release the weekly Export Sales report at
7:30 a.m. CDT. The June Cattle on Feed report will be released at 2 p.m. CDT.

   OUTSIDE MARKETS: The previous close on Wednesday showed the Dow Jones
Industrial Average down 507.12 points to 51,492.55 and the S&P 500 down 91.25
points to 7,420.10. The 10-Year Treasury yield ended at 4.463%. Early Thursday,
the September Dow Jones Futures are up 273 points. European markets are mixed,
with the spot futures of London's FTSE 100 trading down 0.84%, the spot futures
of Germany's DAX trading up 0.1%, and the spot futures of France's CAC 40 Index
trading up 0.04%. Asian markets are mixed, with Japan's Nikkei 225 Index up
1.65% and China's Shanghai Composite Index down 0.43%.