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DTN Early Word Grains         01/21 05:55
   Grains Weaker Ahead of Export Sales

   March corn is down 1 cent per bushel, March soybeans are down 4 cents, and
March KC wheat is down 3 1/2 cents.

Tregg Cronin
DTN Contributing Analyst

   Pre-6 a.m. Globex Prices: March corn is down 1 cent per bushel, March
soybeans are down 4 cents, and March KC wheat is down 3 1/2 cents.

   CME Globex Recap: Mixed to lower equity trade overnight although U.S.
futures have stabilized and managed to trade slightly higher following the
sharp selloff Thursday. The main equity bourses in the U.S. have sustained
quite the selloff this week as concerns about rising borrowing costs take hold
amid surging inflation. Energy markets are solidly weaker overnight although
have recovered well off the lows put in Thursday evening. The U.S. Dollar Index
is slightly weaker, remaining between the 50 and 100-day moving averages.
Metals are weaker across the board with copper down 1.00%. Grain markets are
mostly weaker overnight with the exception of soybean oil, although all
contracts are off the lows. Most ag markets are holding solid gains for the
week and would be encouraging to hold them into the weekend.

   OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial
Average down 313.26 at 34,715.39 and the S&P 500 down 50.03 at 4,532.76 while
the 10-Year Treasury yield ended at 1.833%. Early Friday, the March DJIA
futures are up 52 points. Asian markets are lower with Japan's Nikkei 225 down
250.67 (-0.9%) and China's Shanghai Composite down 32.5 points (-0.91%).
European markets are lower with London's FTSE 100 down 56.97 points (-0.75%),
Germany's DAX down 229.91 points (-1.44%) and France's CAC 40 down 87.6 points
(-1.22%). The March Euro is up 0.002 at 1.130 and the March U.S. dollar index
is down 0.085 at 95.640. The March 30-Year T-Bond is up 25/32nds, while
February gold is down $7.90 at $1,834.70 and March crude oil is down $1.47 at
$84.08. Soybeans on China's Dalian Exchange were up 0.91% while soybean meal
was up 1.16% and corn was up 0.04%.
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